id	sid	tid	token	lemma	pos
fbem-30511	1	1	frontiers	frontier	NOUN
fbem-30511	1	2	in	in	ADP
fbem-30511	1	3	business	business	NOUN
fbem-30511	1	4	,	,	PUNCT
fbem-30511	1	5	economics	economic	NOUN
fbem-30511	1	6	and	and	CCONJ
fbem-30511	1	7	management	management	NOUN
fbem-30511	1	8	issn	issn	PROPN
fbem-30511	1	9	:	:	PUNCT
fbem-30511	1	10	2766	2766	NUM
fbem-30511	1	11	-	-	PUNCT
fbem-30511	1	12	824x	824x	NUM
fbem-30511	1	13	|	|	ADJ
fbem-30511	1	14	vol	vol	NOUN
fbem-30511	1	15	.	.	PROPN
fbem-30511	2	1	19	19	NUM
fbem-30511	2	2	,	,	PUNCT
fbem-30511	2	3	no	no	INTJ
fbem-30511	2	4	.	.	NOUN
fbem-30511	2	5	1	1	NUM
fbem-30511	2	6	,	,	PUNCT
fbem-30511	2	7	2025	2025	NUM
fbem-30511	2	8	80	80	NUM
fbem-30511	2	9	the	the	DET
fbem-30511	2	10	impact	impact	NOUN
fbem-30511	2	11	of	of	ADP
fbem-30511	2	12	merger	merger	NOUN
fbem-30511	2	13	and	and	CCONJ
fbem-30511	2	14	acquisition	acquisition	NOUN
fbem-30511	2	15	premiums	premium	NOUN
fbem-30511	2	16	on	on	ADP
fbem-30511	2	17	corporate	corporate	ADJ
fbem-30511	2	18	growth	growth	NOUN
fbem-30511	2	19	lijuan	lijuan	PROPN
fbem-30511	2	20	zhang	zhang	PROPN
fbem-30511	2	21	,	,	PUNCT
fbem-30511	2	22	zirui	zirui	PROPN
fbem-30511	2	23	song	song	NOUN
fbem-30511	2	24	leshan	leshan	PROPN
fbem-30511	2	25	vocational	vocational	PROPN
fbem-30511	2	26	and	and	CCONJ
fbem-30511	2	27	technical	technical	PROPN
fbem-30511	2	28	college	college	PROPN
fbem-30511	2	29	,	,	PUNCT
fbem-30511	2	30	leshan	leshan	NOUN
fbem-30511	2	31	city	city	PROPN
fbem-30511	2	32	,	,	PUNCT
fbem-30511	2	33	sichuan	sichuan	PROPN
fbem-30511	2	34	province	province	PROPN
fbem-30511	2	35	,	,	PUNCT
fbem-30511	2	36	614000	614000	NUM
fbem-30511	2	37	,	,	PUNCT
fbem-30511	2	38	china	china	PROPN
fbem-30511	2	39	abstract	abstract	NOUN
fbem-30511	2	40	:	:	PUNCT
fbem-30511	2	41	as	as	ADP
fbem-30511	2	42	one	one	NUM
fbem-30511	2	43	of	of	ADP
fbem-30511	2	44	the	the	DET
fbem-30511	2	45	crucial	crucial	ADJ
fbem-30511	2	46	ways	way	NOUN
fbem-30511	2	47	to	to	PART
fbem-30511	2	48	achieve	achieve	VERB
fbem-30511	2	49	rapid	rapid	ADJ
fbem-30511	2	50	growth	growth	NOUN
fbem-30511	2	51	for	for	ADP
fbem-30511	2	52	business	business	NOUN
fbem-30511	2	53	,	,	PUNCT
fbem-30511	2	54	mergers	merger	NOUN
fbem-30511	2	55	and	and	CCONJ
fbem-30511	2	56	acquisitions	acquisition	NOUN
fbem-30511	2	57	(	(	PUNCT
fbem-30511	2	58	m&a	m&a	PROPN
fbem-30511	2	59	)	)	PUNCT
fbem-30511	2	60	in	in	ADP
fbem-30511	2	61	china	china	PROPN
fbem-30511	2	62	often	often	ADV
fbem-30511	2	63	involve	involve	VERB
fbem-30511	2	64	the	the	DET
fbem-30511	2	65	payment	payment	NOUN
fbem-30511	2	66	of	of	ADP
fbem-30511	2	67	premiums	premium	NOUN
fbem-30511	2	68	by	by	ADP
fbem-30511	2	69	the	the	DET
fbem-30511	2	70	acquiring	acquire	VERB
fbem-30511	2	71	company	company	NOUN
fbem-30511	2	72	for	for	ADP
fbem-30511	2	73	reasons	reason	NOUN
fbem-30511	2	74	such	such	ADJ
fbem-30511	2	75	as	as	ADP
fbem-30511	2	76	synergies	synergy	NOUN
fbem-30511	2	77	and	and	CCONJ
fbem-30511	2	78	growth	growth	NOUN
fbem-30511	2	79	motivations	motivation	NOUN
fbem-30511	2	80	.	.	PUNCT
fbem-30511	3	1	this	this	DET
fbem-30511	3	2	study	study	NOUN
fbem-30511	3	3	focuses	focus	VERB
fbem-30511	3	4	on	on	ADP
fbem-30511	3	5	a	a	DET
fbem-30511	3	6	-	-	PUNCT
fbem-30511	3	7	share	share	NOUN
fbem-30511	3	8	listed	list	VERB
fbem-30511	3	9	companies	company	NOUN
fbem-30511	3	10	in	in	ADP
fbem-30511	3	11	china	china	PROPN
fbem-30511	3	12	that	that	PRON
fbem-30511	3	13	underwent	undergo	VERB
fbem-30511	3	14	significant	significant	ADJ
fbem-30511	3	15	asset	asset	NOUN
fbem-30511	3	16	restructuring	restructuring	NOUN
fbem-30511	3	17	from	from	ADP
fbem-30511	3	18	2011	2011	NUM
fbem-30511	3	19	to	to	ADP
fbem-30511	3	20	2021	2021	NUM
fbem-30511	3	21	as	as	ADP
fbem-30511	3	22	the	the	DET
fbem-30511	3	23	sample	sample	NOUN
fbem-30511	3	24	,	,	PUNCT
fbem-30511	3	25	aiming	aim	VERB
fbem-30511	3	26	to	to	PART
fbem-30511	3	27	investigate	investigate	VERB
fbem-30511	3	28	the	the	DET
fbem-30511	3	29	impact	impact	NOUN
fbem-30511	3	30	of	of	ADP
fbem-30511	3	31	premiums	premium	NOUN
fbem-30511	3	32	in	in	ADP
fbem-30511	3	33	m&a	m&a	PROPN
fbem-30511	3	34	transactions	transaction	NOUN
fbem-30511	3	35	on	on	ADP
fbem-30511	3	36	corporate	corporate	ADJ
fbem-30511	3	37	growth	growth	NOUN
fbem-30511	3	38	.	.	PUNCT
fbem-30511	4	1	the	the	DET
fbem-30511	4	2	research	research	NOUN
fbem-30511	4	3	finds	find	VERB
fbem-30511	4	4	a	a	DET
fbem-30511	4	5	significant	significant	ADJ
fbem-30511	4	6	positive	positive	ADJ
fbem-30511	4	7	correlation	correlation	NOUN
fbem-30511	4	8	between	between	ADP
fbem-30511	4	9	premiums	premium	NOUN
fbem-30511	4	10	in	in	ADP
fbem-30511	4	11	m&a	m&a	PROPN
fbem-30511	4	12	and	and	CCONJ
fbem-30511	4	13	corporate	corporate	ADJ
fbem-30511	4	14	growth	growth	NOUN
fbem-30511	4	15	.	.	PUNCT
fbem-30511	5	1	further	further	ADJ
fbem-30511	5	2	analysis	analysis	NOUN
fbem-30511	5	3	reveals	reveal	VERB
fbem-30511	5	4	that	that	SCONJ
fbem-30511	5	5	the	the	DET
fbem-30511	5	6	impact	impact	NOUN
fbem-30511	5	7	of	of	ADP
fbem-30511	5	8	m&a	m&a	PROPN
fbem-30511	5	9	premiums	premium	NOUN
fbem-30511	5	10	on	on	ADP
fbem-30511	5	11	corporate	corporate	ADJ
fbem-30511	5	12	growth	growth	NOUN
fbem-30511	5	13	exhibits	exhibit	VERB
fbem-30511	5	14	heterogeneity	heterogeneity	NOUN
fbem-30511	5	15	.	.	PUNCT
fbem-30511	6	1	the	the	DET
fbem-30511	6	2	promoting	promote	VERB
fbem-30511	6	3	effect	effect	NOUN
fbem-30511	6	4	of	of	ADP
fbem-30511	6	5	m&a	m&a	PROPN
fbem-30511	6	6	premiums	premium	NOUN
fbem-30511	6	7	on	on	ADP
fbem-30511	6	8	corporate	corporate	ADJ
fbem-30511	6	9	growth	growth	NOUN
fbem-30511	6	10	is	be	AUX
fbem-30511	6	11	more	more	ADV
fbem-30511	6	12	pronounced	pronounced	ADJ
fbem-30511	6	13	in	in	ADP
fbem-30511	6	14	non	non	ADJ
fbem-30511	6	15	-	-	ADJ
fbem-30511	6	16	state	state	NOUN
fbem-30511	6	17	-	-	PUNCT
fbem-30511	6	18	owned	own	VERB
fbem-30511	6	19	enterprises	enterprise	NOUN
fbem-30511	6	20	,	,	PUNCT
fbem-30511	6	21	cash	cash	NOUN
fbem-30511	6	22	-	-	PUNCT
fbem-30511	6	23	paid	pay	VERB
fbem-30511	6	24	acquisition	acquisition	NOUN
fbem-30511	6	25	enterprises	enterprise	NOUN
fbem-30511	6	26	,	,	PUNCT
fbem-30511	6	27	and	and	CCONJ
fbem-30511	6	28	non	non	ADJ
fbem-30511	6	29	-	-	ADJ
fbem-30511	6	30	affiliated	affiliated	ADJ
fbem-30511	6	31	acquisition	acquisition	NOUN
fbem-30511	6	32	enterprises	enterprise	NOUN
fbem-30511	6	33	.	.	PUNCT
fbem-30511	7	1	keywords	keyword	NOUN
fbem-30511	7	2	:	:	PUNCT
fbem-30511	7	3	m&a	m&a	PROPN
fbem-30511	7	4	;	;	PUNCT
fbem-30511	7	5	premiums	premium	NOUN
fbem-30511	7	6	;	;	PUNCT
fbem-30511	7	7	corporate	corporate	ADJ
fbem-30511	7	8	growth	growth	NOUN
fbem-30511	7	9	.	.	PUNCT
fbem-30511	8	1	1	1	X
fbem-30511	8	2	.	.	X
fbem-30511	8	3	introduction	introduction	NOUN
fbem-30511	8	4	in	in	ADP
fbem-30511	8	5	october	october	PROPN
fbem-30511	8	6	2020	2020	NUM
fbem-30511	8	7	,	,	PUNCT
fbem-30511	8	8	the	the	DET
fbem-30511	8	9	state	state	PROPN
fbem-30511	8	10	council	council	PROPN
fbem-30511	8	11	of	of	ADP
fbem-30511	8	12	china	china	PROPN
fbem-30511	8	13	issued	issue	VERB
fbem-30511	8	14	the	the	DET
fbem-30511	8	15	"	"	PUNCT
fbem-30511	8	16	opinions	opinion	NOUN
fbem-30511	8	17	on	on	ADP
fbem-30511	8	18	further	far	ADV
fbem-30511	8	19	improving	improve	VERB
fbem-30511	8	20	the	the	DET
fbem-30511	8	21	quality	quality	NOUN
fbem-30511	8	22	of	of	ADP
fbem-30511	8	23	listed	list	VERB
fbem-30511	8	24	companies	company	NOUN
fbem-30511	8	25	,	,	PUNCT
fbem-30511	8	26	"	"	PUNCT
fbem-30511	8	27	which	which	PRON
fbem-30511	8	28	proposed	propose	VERB
fbem-30511	8	29	,	,	PUNCT
fbem-30511	8	30	"	"	PUNCT
fbem-30511	8	31	fully	fully	ADV
fbem-30511	8	32	leverage	leverage	VERB
fbem-30511	8	33	the	the	DET
fbem-30511	8	34	role	role	NOUN
fbem-30511	8	35	of	of	ADP
fbem-30511	8	36	the	the	DET
fbem-30511	8	37	capital	capital	NOUN
fbem-30511	8	38	market	market	NOUN
fbem-30511	8	39	as	as	ADP
fbem-30511	8	40	the	the	DET
fbem-30511	8	41	main	main	ADJ
fbem-30511	8	42	channel	channel	NOUN
fbem-30511	8	43	for	for	ADP
fbem-30511	8	44	mergers	merger	NOUN
fbem-30511	8	45	and	and	CCONJ
fbem-30511	8	46	acquisitions	acquisition	NOUN
fbem-30511	8	47	,	,	PUNCT
fbem-30511	8	48	encourage	encourage	VERB
fbem-30511	8	49	listed	list	VERB
fbem-30511	8	50	companies	company	NOUN
fbem-30511	8	51	to	to	PART
fbem-30511	8	52	revitalize	revitalize	VERB
fbem-30511	8	53	existing	exist	VERB
fbem-30511	8	54	assets	asset	NOUN
fbem-30511	8	55	,	,	PUNCT
fbem-30511	8	56	improve	improve	VERB
fbem-30511	8	57	quality	quality	NOUN
fbem-30511	8	58	and	and	CCONJ
fbem-30511	8	59	efficiency	efficiency	NOUN
fbem-30511	8	60	,	,	PUNCT
fbem-30511	8	61	and	and	CCONJ
fbem-30511	8	62	transform	transform	VERB
fbem-30511	8	63	and	and	CCONJ
fbem-30511	8	64	develop	develop	VERB
fbem-30511	8	65	.	.	PUNCT
fbem-30511	8	66	"	"	PUNCT
fbem-30511	9	1	it	it	PRON
fbem-30511	9	2	is	be	AUX
fbem-30511	9	3	evident	evident	ADJ
fbem-30511	9	4	that	that	SCONJ
fbem-30511	9	5	actively	actively	ADV
fbem-30511	9	6	utilizing	utilize	VERB
fbem-30511	9	7	m&a	m&a	PROPN
fbem-30511	9	8	is	be	AUX
fbem-30511	9	9	a	a	DET
fbem-30511	9	10	necessary	necessary	ADJ
fbem-30511	9	11	tool	tool	NOUN
fbem-30511	9	12	to	to	PART
fbem-30511	9	13	achieve	achieve	VERB
fbem-30511	9	14	industrial	industrial	ADJ
fbem-30511	9	15	transformation	transformation	NOUN
fbem-30511	9	16	,	,	PUNCT
fbem-30511	9	17	as	as	ADV
fbem-30511	9	18	well	well	ADV
fbem-30511	9	19	as	as	ADP
fbem-30511	9	20	corporate	corporate	ADJ
fbem-30511	9	21	growth	growth	NOUN
fbem-30511	9	22	(	(	PUNCT
fbem-30511	9	23	chen	chen	PROPN
fbem-30511	9	24	et	et	PROPN
fbem-30511	9	25	al	al	PROPN
fbem-30511	9	26	.	.	PROPN
fbem-30511	9	27	,	,	PUNCT
fbem-30511	9	28	2015	2015	NUM
fbem-30511	9	29	)	)	PUNCT
fbem-30511	9	30	.	.	PUNCT
fbem-30511	10	1	m&a	m&a	PROPN
fbem-30511	10	2	has	have	AUX
fbem-30511	10	3	always	always	ADV
fbem-30511	10	4	been	be	AUX
fbem-30511	10	5	a	a	DET
fbem-30511	10	6	hot	hot	ADJ
fbem-30511	10	7	topic	topic	NOUN
fbem-30511	10	8	in	in	ADP
fbem-30511	10	9	the	the	DET
fbem-30511	10	10	capital	capital	NOUN
fbem-30511	10	11	market	market	NOUN
fbem-30511	10	12	,	,	PUNCT
fbem-30511	10	13	and	and	CCONJ
fbem-30511	10	14	the	the	DET
fbem-30511	10	15	number	number	NOUN
fbem-30511	10	16	of	of	ADP
fbem-30511	10	17	m&a	m&a	PROPN
fbem-30511	10	18	events	event	NOUN
fbem-30511	10	19	involving	involve	VERB
fbem-30511	10	20	listed	list	VERB
fbem-30511	10	21	companies	company	NOUN
fbem-30511	10	22	in	in	ADP
fbem-30511	10	23	china	china	PROPN
fbem-30511	10	24	reached	reach	VERB
fbem-30511	10	25	868	868	NUM
fbem-30511	10	26	in	in	ADP
fbem-30511	10	27	2020	2020	NUM
fbem-30511	10	28	and	and	CCONJ
fbem-30511	10	29	917	917	NUM
fbem-30511	10	30	in	in	ADP
fbem-30511	10	31	2021	2021	NUM
fbem-30511	10	32	,	,	PUNCT
fbem-30511	10	33	with	with	ADP
fbem-30511	10	34	the	the	DET
fbem-30511	10	35	proportion	proportion	NOUN
fbem-30511	10	36	of	of	ADP
fbem-30511	10	37	m&a	m&a	PROPN
fbem-30511	10	38	premiums	premium	NOUN
fbem-30511	10	39	reaching	reach	VERB
fbem-30511	10	40	80	80	NUM
fbem-30511	10	41	%	%	NOUN
fbem-30511	10	42	and	and	CCONJ
fbem-30511	10	43	83	83	NUM
fbem-30511	10	44	%	%	NOUN
fbem-30511	10	45	,	,	PUNCT
fbem-30511	10	46	respectively	respectively	ADV
fbem-30511	10	47	.	.	PUNCT
fbem-30511	11	1	therefore	therefore	ADV
fbem-30511	11	2	,	,	PUNCT
fbem-30511	11	3	it	it	PRON
fbem-30511	11	4	is	be	AUX
fbem-30511	11	5	clear	clear	ADJ
fbem-30511	11	6	that	that	SCONJ
fbem-30511	11	7	m	m	PROPN
fbem-30511	11	8	&	&	CCONJ
fbem-30511	11	9	a	a	PRON
fbem-30511	11	10	,	,	PUNCT
fbem-30511	11	11	as	as	ADP
fbem-30511	11	12	an	an	DET
fbem-30511	11	13	important	important	ADJ
fbem-30511	11	14	investment	investment	NOUN
fbem-30511	11	15	method	method	NOUN
fbem-30511	11	16	,	,	PUNCT
fbem-30511	11	17	plays	play	VERB
fbem-30511	11	18	a	a	DET
fbem-30511	11	19	significant	significant	ADJ
fbem-30511	11	20	role	role	NOUN
fbem-30511	11	21	in	in	ADP
fbem-30511	11	22	china	china	PROPN
fbem-30511	11	23	's	's	PART
fbem-30511	11	24	capital	capital	NOUN
fbem-30511	11	25	market	market	NOUN
fbem-30511	11	26	,	,	PUNCT
fbem-30511	11	27	with	with	ADP
fbem-30511	11	28	premiums	premium	NOUN
fbem-30511	11	29	m&a	m&a	PROPN
fbem-30511	11	30	comprising	comprise	VERB
fbem-30511	11	31	the	the	DET
fbem-30511	11	32	majority	majority	NOUN
fbem-30511	11	33	.	.	PUNCT
fbem-30511	12	1	it	it	PRON
fbem-30511	12	2	is	be	AUX
fbem-30511	12	3	consistent	consistent	ADJ
fbem-30511	12	4	with	with	ADP
fbem-30511	12	5	the	the	DET
fbem-30511	12	6	findings	finding	NOUN
fbem-30511	12	7	that	that	SCONJ
fbem-30511	12	8	the	the	DET
fbem-30511	12	9	transaction	transaction	NOUN
fbem-30511	12	10	pricing	pricing	NOUN
fbem-30511	12	11	paid	pay	VERB
fbem-30511	12	12	by	by	ADP
fbem-30511	12	13	acquiring	acquire	VERB
fbem-30511	12	14	companies	company	NOUN
fbem-30511	12	15	is	be	AUX
fbem-30511	12	16	often	often	ADV
fbem-30511	12	17	much	much	ADV
fbem-30511	12	18	higher	high	ADJ
fbem-30511	12	19	than	than	ADP
fbem-30511	12	20	the	the	DET
fbem-30511	12	21	target	target	NOUN
fbem-30511	12	22	company	company	NOUN
fbem-30511	12	23	's	's	PART
fbem-30511	12	24	stock	stock	NOUN
fbem-30511	12	25	market	market	NOUN
fbem-30511	12	26	value	value	NOUN
fbem-30511	12	27	or	or	CCONJ
fbem-30511	12	28	fair	fair	ADJ
fbem-30511	12	29	value	value	NOUN
fbem-30511	12	30	,	,	PUNCT
fbem-30511	12	31	resulting	result	VERB
fbem-30511	12	32	in	in	ADP
fbem-30511	12	33	a	a	DET
fbem-30511	12	34	high	high	ADJ
fbem-30511	12	35	premiums	premium	NOUN
fbem-30511	12	36	rate	rate	NOUN
fbem-30511	12	37	for	for	ADP
fbem-30511	12	38	m&a	m&a	PROPN
fbem-30511	12	39	(	(	PUNCT
fbem-30511	12	40	wang	wang	PROPN
fbem-30511	12	41	and	and	CCONJ
fbem-30511	12	42	xu	xu	PROPN
fbem-30511	12	43	,	,	PUNCT
fbem-30511	12	44	2022	2022	NUM
fbem-30511	12	45	)	)	PUNCT
fbem-30511	12	46	.	.	PUNCT
fbem-30511	13	1	prior	prior	ADJ
fbem-30511	13	2	studies	study	NOUN
fbem-30511	13	3	mainly	mainly	ADV
fbem-30511	13	4	focus	focus	VERB
fbem-30511	13	5	on	on	ADP
fbem-30511	13	6	three	three	NUM
fbem-30511	13	7	aspects	aspect	NOUN
fbem-30511	13	8	:	:	PUNCT
fbem-30511	13	9	the	the	DET
fbem-30511	13	10	motives	motive	NOUN
fbem-30511	13	11	behind	behind	ADP
fbem-30511	13	12	m&a	m&a	PROPN
fbem-30511	13	13	premiums	premium	NOUN
fbem-30511	13	14	,	,	PUNCT
fbem-30511	13	15	the	the	DET
fbem-30511	13	16	factors	factor	NOUN
fbem-30511	13	17	influencing	influence	VERB
fbem-30511	13	18	m&a	m&a	PROPN
fbem-30511	13	19	premiums	premium	NOUN
fbem-30511	13	20	,	,	PUNCT
fbem-30511	13	21	and	and	CCONJ
fbem-30511	13	22	the	the	DET
fbem-30511	13	23	economic	economic	ADJ
fbem-30511	13	24	consequences	consequence	NOUN
fbem-30511	13	25	of	of	ADP
fbem-30511	13	26	m&a	m&a	PROPN
fbem-30511	13	27	premiums	premium	NOUN
fbem-30511	13	28	.	.	PUNCT
fbem-30511	14	1	for	for	ADP
fbem-30511	14	2	example	example	NOUN
fbem-30511	14	3	,	,	PUNCT
fbem-30511	14	4	bruner	bruner	PROPN
fbem-30511	14	5	(	(	PUNCT
fbem-30511	14	6	2002	2002	NUM
fbem-30511	14	7	)	)	PUNCT
fbem-30511	14	8	analyzed	analyze	VERB
fbem-30511	14	9	130	130	NUM
fbem-30511	14	10	classic	classic	ADJ
fbem-30511	14	11	m&a	m&a	PROPN
fbem-30511	14	12	-	-	PUNCT
fbem-30511	14	13	related	relate	VERB
fbem-30511	14	14	literature	literature	NOUN
fbem-30511	14	15	published	publish	VERB
fbem-30511	14	16	from	from	ADP
fbem-30511	14	17	1971	1971	NUM
fbem-30511	14	18	to	to	ADP
fbem-30511	14	19	2001	2001	NUM
fbem-30511	14	20	and	and	CCONJ
fbem-30511	14	21	found	find	VERB
fbem-30511	14	22	that	that	SCONJ
fbem-30511	14	23	only	only	ADV
fbem-30511	14	24	20	20	NUM
fbem-30511	14	25	%	%	NOUN
fbem-30511	14	26	to	to	PART
fbem-30511	14	27	30	30	NUM
fbem-30511	14	28	%	%	NOUN
fbem-30511	14	29	of	of	ADP
fbem-30511	14	30	m&a	m&a	PROPN
fbem-30511	14	31	events	event	NOUN
fbem-30511	14	32	created	create	VERB
fbem-30511	14	33	value	value	NOUN
fbem-30511	14	34	.	.	PUNCT
fbem-30511	15	1	however	however	ADV
fbem-30511	15	2	,	,	PUNCT
fbem-30511	15	3	there	there	PRON
fbem-30511	15	4	is	be	VERB
fbem-30511	15	5	still	still	ADV
fbem-30511	15	6	a	a	DET
fbem-30511	15	7	gap	gap	NOUN
fbem-30511	15	8	in	in	ADP
fbem-30511	15	9	discussing	discuss	VERB
fbem-30511	15	10	the	the	DET
fbem-30511	15	11	m&a	m&a	PROPN
fbem-30511	15	12	premiums	premium	NOUN
fbem-30511	15	13	in	in	ADP
fbem-30511	15	14	the	the	DET
fbem-30511	15	15	listed	list	VERB
fbem-30511	15	16	-	-	PUNCT
fbem-30511	15	17	firms	firm	NOUN
fbem-30511	15	18	of	of	ADP
fbem-30511	15	19	china	china	PROPN
fbem-30511	15	20	.	.	PUNCT
fbem-30511	16	1	then	then	ADV
fbem-30511	16	2	our	our	PRON
fbem-30511	16	3	question	question	NOUN
fbem-30511	16	4	is	be	AUX
fbem-30511	16	5	that	that	SCONJ
fbem-30511	16	6	since	since	SCONJ
fbem-30511	16	7	m&a	m&a	PROPN
fbem-30511	16	8	premiums	premium	NOUN
fbem-30511	16	9	have	have	AUX
fbem-30511	16	10	become	become	VERB
fbem-30511	16	11	mainstream	mainstream	ADJ
fbem-30511	16	12	in	in	ADP
fbem-30511	16	13	the	the	DET
fbem-30511	16	14	capital	capital	NOUN
fbem-30511	16	15	market	market	NOUN
fbem-30511	16	16	of	of	ADP
fbem-30511	16	17	china	china	PROPN
fbem-30511	16	18	,	,	PUNCT
fbem-30511	16	19	is	be	AUX
fbem-30511	16	20	it	it	PRON
fbem-30511	16	21	worthwhile	worthwhile	ADJ
fbem-30511	16	22	to	to	PART
fbem-30511	16	23	pay	pay	VERB
fbem-30511	16	24	a	a	DET
fbem-30511	16	25	certain	certain	ADJ
fbem-30511	16	26	premium	premium	NOUN
fbem-30511	16	27	?	?	PUNCT
fbem-30511	17	1	is	be	AUX
fbem-30511	17	2	it	it	PRON
fbem-30511	17	3	helpful	helpful	ADJ
fbem-30511	17	4	for	for	ADP
fbem-30511	17	5	the	the	DET
fbem-30511	17	6	corporate	corporate	ADJ
fbem-30511	17	7	growth	growth	NOUN
fbem-30511	17	8	?	?	PUNCT
fbem-30511	18	1	the	the	DET
fbem-30511	18	2	marginal	marginal	ADJ
fbem-30511	18	3	contribution	contribution	NOUN
fbem-30511	18	4	of	of	ADP
fbem-30511	18	5	this	this	DET
fbem-30511	18	6	article	article	NOUN
fbem-30511	18	7	may	may	AUX
fbem-30511	18	8	exist	exist	VERB
fbem-30511	18	9	in	in	ADP
fbem-30511	18	10	the	the	DET
fbem-30511	18	11	following	follow	VERB
fbem-30511	18	12	two	two	NUM
fbem-30511	18	13	aspects	aspect	NOUN
fbem-30511	18	14	:	:	PUNCT
fbem-30511	18	15	from	from	ADP
fbem-30511	18	16	a	a	DET
fbem-30511	18	17	research	research	NOUN
fbem-30511	18	18	perspective	perspective	NOUN
fbem-30511	18	19	,	,	PUNCT
fbem-30511	18	20	based	base	VERB
fbem-30511	18	21	on	on	ADP
fbem-30511	18	22	the	the	DET
fbem-30511	18	23	common	common	ADJ
fbem-30511	18	24	phenomenon	phenomenon	NOUN
fbem-30511	18	25	of	of	ADP
fbem-30511	18	26	m&a	m&a	PROPN
fbem-30511	18	27	premiums	premium	NOUN
fbem-30511	18	28	in	in	ADP
fbem-30511	18	29	china	china	PROPN
fbem-30511	18	30	,	,	PUNCT
fbem-30511	18	31	this	this	DET
fbem-30511	18	32	paper	paper	NOUN
fbem-30511	18	33	fills	fill	VERB
fbem-30511	18	34	a	a	DET
fbem-30511	18	35	gap	gap	NOUN
fbem-30511	18	36	in	in	ADP
fbem-30511	18	37	the	the	DET
fbem-30511	18	38	literature	literature	NOUN
fbem-30511	18	39	regarding	regard	VERB
fbem-30511	18	40	the	the	DET
fbem-30511	18	41	effect	effect	NOUN
fbem-30511	18	42	of	of	ADP
fbem-30511	18	43	premiums	premium	NOUN
fbem-30511	18	44	in	in	ADP
fbem-30511	18	45	m&a	m&a	PROPN
fbem-30511	18	46	transactions	transaction	NOUN
fbem-30511	18	47	on	on	ADP
fbem-30511	18	48	corporate	corporate	ADJ
fbem-30511	18	49	growth	growth	NOUN
fbem-30511	18	50	.	.	PUNCT
fbem-30511	19	1	from	from	ADP
fbem-30511	19	2	a	a	DET
fbem-30511	19	3	practical	practical	ADJ
fbem-30511	19	4	perspective	perspective	NOUN
fbem-30511	19	5	,	,	PUNCT
fbem-30511	19	6	this	this	DET
fbem-30511	19	7	study	study	NOUN
fbem-30511	19	8	offers	offer	VERB
fbem-30511	19	9	the	the	DET
fbem-30511	19	10	following	follow	VERB
fbem-30511	19	11	implications	implication	NOUN
fbem-30511	19	12	:	:	PUNCT
fbem-30511	19	13	firstly	firstly	ADV
fbem-30511	19	14	,	,	PUNCT
fbem-30511	19	15	in	in	ADP
fbem-30511	19	16	corporate	corporate	ADJ
fbem-30511	19	17	m&a	m&a	PROPN
fbem-30511	19	18	,	,	PUNCT
fbem-30511	19	19	a	a	DET
fbem-30511	19	20	high	high	ADJ
fbem-30511	19	21	premium	premium	NOUN
fbem-30511	19	22	can	can	AUX
fbem-30511	19	23	facilitate	facilitate	VERB
fbem-30511	19	24	the	the	DET
fbem-30511	19	25	success	success	NOUN
fbem-30511	19	26	of	of	ADP
fbem-30511	19	27	the	the	DET
fbem-30511	19	28	m&a	m&a	PROPN
fbem-30511	19	29	,	,	PUNCT
fbem-30511	19	30	help	help	VERB
fbem-30511	19	31	companies	company	NOUN
fbem-30511	19	32	obtain	obtain	VERB
fbem-30511	19	33	high	high	ADJ
fbem-30511	19	34	-	-	PUNCT
fbem-30511	19	35	quality	quality	NOUN
fbem-30511	19	36	resources	resource	NOUN
fbem-30511	19	37	,	,	PUNCT
fbem-30511	19	38	expand	expand	VERB
fbem-30511	19	39	their	their	PRON
fbem-30511	19	40	business	business	NOUN
fbem-30511	19	41	,	,	PUNCT
fbem-30511	19	42	and	and	CCONJ
fbem-30511	19	43	achieve	achieve	VERB
fbem-30511	19	44	rapid	rapid	ADJ
fbem-30511	19	45	growth	growth	NOUN
fbem-30511	19	46	.	.	PUNCT
fbem-30511	20	1	secondly	secondly	ADV
fbem-30511	20	2	,	,	PUNCT
fbem-30511	20	3	concerning	concern	VERB
fbem-30511	20	4	corporate	corporate	ADJ
fbem-30511	20	5	mergers	merger	NOUN
fbem-30511	20	6	and	and	CCONJ
fbem-30511	20	7	acquisitions	acquisition	NOUN
fbem-30511	20	8	,	,	PUNCT
fbem-30511	20	9	in	in	ADP
fbem-30511	20	10	china	china	PROPN
fbem-30511	20	11	,	,	PUNCT
fbem-30511	20	12	utilizing	utilize	VERB
fbem-30511	20	13	cash	cash	NOUN
fbem-30511	20	14	payments	payment	NOUN
fbem-30511	20	15	and	and	CCONJ
fbem-30511	20	16	pursuing	pursue	VERB
fbem-30511	20	17	non	non	ADJ
fbem-30511	20	18	-	-	ADJ
fbem-30511	20	19	related	related	ADJ
fbem-30511	20	20	m&as	m&as	NOUN
fbem-30511	20	21	are	be	AUX
fbem-30511	20	22	more	more	ADV
fbem-30511	20	23	advantageous	advantageous	ADJ
fbem-30511	20	24	.	.	PUNCT
fbem-30511	21	1	moreover	moreover	ADV
fbem-30511	21	2	,	,	PUNCT
fbem-30511	21	3	to	to	PART
fbem-30511	21	4	achieve	achieve	VERB
fbem-30511	21	5	genuine	genuine	ADJ
fbem-30511	21	6	success	success	NOUN
fbem-30511	21	7	in	in	ADP
fbem-30511	21	8	mergers	merger	NOUN
fbem-30511	21	9	and	and	CCONJ
fbem-30511	21	10	acquisitions	acquisition	NOUN
fbem-30511	21	11	,	,	PUNCT
fbem-30511	21	12	it	it	PRON
fbem-30511	21	13	is	be	AUX
fbem-30511	21	14	essential	essential	ADJ
fbem-30511	21	15	to	to	PART
fbem-30511	21	16	overcome	overcome	VERB
fbem-30511	21	17	speculative	speculative	ADJ
fbem-30511	21	18	tendencies	tendency	NOUN
fbem-30511	21	19	and	and	CCONJ
fbem-30511	21	20	focus	focus	VERB
fbem-30511	21	21	on	on	ADP
fbem-30511	21	22	factors	factor	NOUN
fbem-30511	21	23	conducive	conducive	ADJ
fbem-30511	21	24	to	to	ADP
fbem-30511	21	25	business	business	NOUN
fbem-30511	21	26	expansion	expansion	NOUN
fbem-30511	21	27	,	,	PUNCT
fbem-30511	21	28	operational	operational	ADJ
fbem-30511	21	29	efficiency	efficiency	NOUN
fbem-30511	21	30	enhancement	enhancement	NOUN
fbem-30511	21	31	,	,	PUNCT
fbem-30511	21	32	and	and	CCONJ
fbem-30511	21	33	profitability	profitability	NOUN
fbem-30511	21	34	enhancement	enhancement	NOUN
fbem-30511	21	35	from	from	ADP
fbem-30511	21	36	the	the	DET
fbem-30511	21	37	perspective	perspective	NOUN
fbem-30511	21	38	of	of	ADP
fbem-30511	21	39	corporate	corporate	ADJ
fbem-30511	21	40	growth	growth	NOUN
fbem-30511	21	41	.	.	PUNCT
fbem-30511	22	1	2	2	X
fbem-30511	22	2	.	.	X
fbem-30511	22	3	theoretical	theoretical	ADJ
fbem-30511	22	4	analyses	analysis	NOUN
fbem-30511	22	5	and	and	CCONJ
fbem-30511	22	6	hypotheses	hypothesis	NOUN
fbem-30511	22	7	2.1	2.1	NUM
fbem-30511	22	8	.	.	PUNCT
fbem-30511	23	1	the	the	DET
fbem-30511	23	2	impact	impact	NOUN
fbem-30511	23	3	of	of	ADP
fbem-30511	23	4	merger	merger	NOUN
fbem-30511	23	5	and	and	CCONJ
fbem-30511	23	6	acquisition	acquisition	NOUN
fbem-30511	23	7	premiums	premium	NOUN
fbem-30511	23	8	on	on	ADP
fbem-30511	23	9	corporate	corporate	ADJ
fbem-30511	23	10	growth	growth	NOUN
fbem-30511	23	11	premiums	premium	NOUN
fbem-30511	23	12	in	in	ADP
fbem-30511	23	13	m&a	m&a	PROPN
fbem-30511	23	14	refer	refer	VERB
fbem-30511	23	15	to	to	ADP
fbem-30511	23	16	the	the	DET
fbem-30511	23	17	potential	potential	ADJ
fbem-30511	23	18	synergistic	synergistic	ADJ
fbem-30511	23	19	value	value	NOUN
fbem-30511	23	20	transferred	transfer	VERB
fbem-30511	23	21	from	from	ADP
fbem-30511	23	22	the	the	DET
fbem-30511	23	23	acquiring	acquire	VERB
fbem-30511	23	24	company	company	NOUN
fbem-30511	23	25	to	to	ADP
fbem-30511	23	26	the	the	DET
fbem-30511	23	27	target	target	NOUN
fbem-30511	23	28	company	company	NOUN
fbem-30511	23	29	during	during	ADP
fbem-30511	23	30	the	the	DET
fbem-30511	23	31	merger	merger	NOUN
fbem-30511	23	32	process	process	NOUN
fbem-30511	23	33	(	(	PUNCT
fbem-30511	23	34	liu	liu	PROPN
fbem-30511	23	35	,	,	PUNCT
fbem-30511	23	36	2014	2014	NUM
fbem-30511	23	37	)	)	PUNCT
fbem-30511	23	38	.	.	PUNCT
fbem-30511	24	1	on	on	ADP
fbem-30511	24	2	the	the	DET
fbem-30511	24	3	one	one	NUM
fbem-30511	24	4	hand	hand	NOUN
fbem-30511	24	5	,	,	PUNCT
fbem-30511	24	6	the	the	DET
fbem-30511	24	7	acquiring	acquire	VERB
fbem-30511	24	8	company	company	NOUN
fbem-30511	24	9	may	may	AUX
fbem-30511	24	10	choose	choose	VERB
fbem-30511	24	11	premium	premium	ADJ
fbem-30511	24	12	mergers	merger	NOUN
fbem-30511	24	13	and	and	CCONJ
fbem-30511	24	14	acquisitions	acquisition	NOUN
fbem-30511	24	15	based	base	VERB
fbem-30511	24	16	on	on	ADP
fbem-30511	24	17	growth	growth	NOUN
fbem-30511	24	18	objectives	objective	NOUN
fbem-30511	24	19	.	.	PUNCT
fbem-30511	25	1	for	for	ADP
fbem-30511	25	2	instance	instance	NOUN
fbem-30511	25	3	,	,	PUNCT
fbem-30511	25	4	chen	chen	PROPN
fbem-30511	25	5	et	et	PROPN
fbem-30511	25	6	al	al	PROPN
fbem-30511	25	7	.	.	PROPN
fbem-30511	26	1	(	(	PUNCT
fbem-30511	26	2	2015	2015	NUM
fbem-30511	26	3	)	)	PUNCT
fbem-30511	26	4	argues	argue	VERB
fbem-30511	26	5	that	that	SCONJ
fbem-30511	26	6	when	when	SCONJ
fbem-30511	26	7	state	state	NOUN
fbem-30511	26	8	-	-	PUNCT
fbem-30511	26	9	owned	own	VERB
fbem-30511	26	10	enterprise	enterprise	NOUN
fbem-30511	26	11	executives	executive	NOUN
fbem-30511	26	12	face	face	VERB
fbem-30511	26	13	high	high	ADJ
fbem-30511	26	14	pressure	pressure	NOUN
fbem-30511	26	15	for	for	ADP
fbem-30511	26	16	corporate	corporate	ADJ
fbem-30511	26	17	growth	growth	NOUN
fbem-30511	26	18	,	,	PUNCT
fbem-30511	26	19	they	they	PRON
fbem-30511	26	20	tend	tend	VERB
fbem-30511	26	21	to	to	PART
fbem-30511	26	22	choose	choose	VERB
fbem-30511	26	23	mergers	merger	NOUN
fbem-30511	26	24	and	and	CCONJ
fbem-30511	26	25	acquisitions	acquisition	NOUN
fbem-30511	26	26	as	as	ADP
fbem-30511	26	27	a	a	DET
fbem-30511	26	28	means	means	NOUN
fbem-30511	26	29	of	of	ADP
fbem-30511	26	30	expansion	expansion	NOUN
fbem-30511	26	31	and	and	CCONJ
fbem-30511	26	32	pay	pay	VERB
fbem-30511	26	33	higher	high	ADJ
fbem-30511	26	34	premiums	premium	NOUN
fbem-30511	26	35	.	.	PUNCT
fbem-30511	27	1	similarly	similarly	ADV
fbem-30511	27	2	,	,	PUNCT
fbem-30511	27	3	kim	kim	PROPN
fbem-30511	27	4	et	et	PROPN
fbem-30511	27	5	al	al	PROPN
fbem-30511	27	6	.	.	PROPN
fbem-30511	28	1	(	(	PUNCT
fbem-30511	28	2	2011	2011	NUM
fbem-30511	28	3	)	)	PUNCT
fbem-30511	28	4	found	find	VERB
fbem-30511	28	5	that	that	SCONJ
fbem-30511	28	6	companies	company	NOUN
fbem-30511	28	7	with	with	ADP
fbem-30511	28	8	higher	high	ADJ
fbem-30511	28	9	growth	growth	NOUN
fbem-30511	28	10	demands	demand	NOUN
fbem-30511	28	11	are	be	AUX
fbem-30511	28	12	more	more	ADV
fbem-30511	28	13	likely	likely	ADJ
fbem-30511	28	14	to	to	PART
fbem-30511	28	15	pay	pay	VERB
fbem-30511	28	16	higher	high	ADJ
fbem-30511	28	17	premiums	premium	NOUN
fbem-30511	28	18	when	when	SCONJ
fbem-30511	28	19	undertaking	undertake	VERB
fbem-30511	28	20	acquisitions	acquisition	NOUN
fbem-30511	28	21	.	.	PUNCT
fbem-30511	29	1	on	on	ADP
fbem-30511	29	2	the	the	DET
fbem-30511	29	3	other	other	ADJ
fbem-30511	29	4	hand	hand	NOUN
fbem-30511	29	5	,	,	PUNCT
fbem-30511	29	6	premium	premium	NOUN
fbem-30511	29	7	m&a	m&a	PROPN
fbem-30511	29	8	help	help	NOUN
fbem-30511	29	9	reduce	reduce	VERB
fbem-30511	29	10	transaction	transaction	NOUN
fbem-30511	29	11	costs	cost	NOUN
fbem-30511	29	12	,	,	PUNCT
fbem-30511	29	13	bring	bring	VERB
fbem-30511	29	14	advantages	advantage	NOUN
fbem-30511	29	15	in	in	ADP
fbem-30511	29	16	technology	technology	NOUN
fbem-30511	29	17	and	and	CCONJ
fbem-30511	29	18	business	business	NOUN
fbem-30511	29	19	resources	resource	NOUN
fbem-30511	29	20	,	,	PUNCT
fbem-30511	29	21	which	which	PRON
fbem-30511	29	22	enhance	enhance	VERB
fbem-30511	29	23	competitive	competitive	ADJ
fbem-30511	29	24	advantage	advantage	NOUN
fbem-30511	29	25	and	and	CCONJ
fbem-30511	29	26	promote	promote	VERB
fbem-30511	29	27	the	the	DET
fbem-30511	29	28	growth	growth	NOUN
fbem-30511	29	29	of	of	ADP
fbem-30511	29	30	the	the	DET
fbem-30511	29	31	acquiring	acquire	VERB
fbem-30511	29	32	company	company	NOUN
fbem-30511	29	33	.	.	PUNCT
fbem-30511	30	1	khanna	khanna	PROPN
fbem-30511	30	2	(	(	PUNCT
fbem-30511	30	3	1985	1985	NUM
fbem-30511	30	4	)	)	PUNCT
fbem-30511	30	5	argues	argue	VERB
fbem-30511	30	6	that	that	SCONJ
fbem-30511	30	7	a	a	DET
fbem-30511	30	8	high	high	ADJ
fbem-30511	30	9	premium	premium	NOUN
fbem-30511	30	10	can	can	AUX
fbem-30511	30	11	lead	lead	VERB
fbem-30511	30	12	other	other	ADJ
fbem-30511	30	13	competing	compete	VERB
fbem-30511	30	14	bidders	bidder	NOUN
fbem-30511	30	15	to	to	PART
fbem-30511	30	16	withdraw	withdraw	VERB
fbem-30511	30	17	due	due	ADP
fbem-30511	30	18	to	to	ADP
fbem-30511	30	19	the	the	DET
fbem-30511	30	20	prohibitive	prohibitive	ADJ
fbem-30511	30	21	acquisition	acquisition	NOUN
fbem-30511	30	22	costs	cost	NOUN
fbem-30511	30	23	,	,	PUNCT
fbem-30511	30	24	thereby	thereby	ADV
fbem-30511	30	25	reducing	reduce	VERB
fbem-30511	30	26	the	the	DET
fbem-30511	30	27	threat	threat	NOUN
fbem-30511	30	28	from	from	ADP
fbem-30511	30	29	other	other	ADJ
fbem-30511	30	30	bidders	bidder	NOUN
fbem-30511	30	31	.	.	PUNCT
fbem-30511	31	1	which	which	PRON
fbem-30511	31	2	indirectly	indirectly	ADV
fbem-30511	31	3	lowers	lower	VERB
fbem-30511	31	4	transaction	transaction	NOUN
fbem-30511	31	5	costs	cost	NOUN
fbem-30511	31	6	and	and	CCONJ
fbem-30511	31	7	secures	secure	VERB
fbem-30511	31	8	a	a	DET
fbem-30511	31	9	competitive	competitive	ADJ
fbem-30511	31	10	advantage	advantage	NOUN
fbem-30511	31	11	.	.	PUNCT
fbem-30511	32	1	to	to	PART
fbem-30511	32	2	maintain	maintain	VERB
fbem-30511	32	3	technological	technological	ADJ
fbem-30511	32	4	capabilities	capability	NOUN
fbem-30511	32	5	and	and	CCONJ
fbem-30511	32	6	continually	continually	ADV
fbem-30511	32	7	enhance	enhance	VERB
fbem-30511	32	8	competitive	competitive	ADJ
fbem-30511	32	9	advantage	advantage	NOUN
fbem-30511	32	10	,	,	PUNCT
fbem-30511	32	11	acquiring	acquire	VERB
fbem-30511	32	12	companies	company	NOUN
fbem-30511	32	13	often	often	ADV
fbem-30511	32	14	achieve	achieve	VERB
fbem-30511	32	15	this	this	PRON
fbem-30511	32	16	through	through	ADP
fbem-30511	32	17	internalization	internalization	NOUN
fbem-30511	32	18	methods	method	NOUN
fbem-30511	32	19	such	such	ADJ
fbem-30511	32	20	as	as	ADP
fbem-30511	32	21	mergers	merger	NOUN
fbem-30511	32	22	and	and	CCONJ
fbem-30511	32	23	acquisitions	acquisition	NOUN
fbem-30511	32	24	.	.	PUNCT
fbem-30511	33	1	therefore	therefore	ADV
fbem-30511	33	2	,	,	PUNCT
fbem-30511	33	3	they	they	PRON
fbem-30511	33	4	are	be	AUX
fbem-30511	33	5	willing	willing	ADJ
fbem-30511	33	6	to	to	PART
fbem-30511	33	7	pay	pay	VERB
fbem-30511	33	8	relatively	relatively	ADV
fbem-30511	33	9	high	high	ADJ
fbem-30511	33	10	premiums	premium	NOUN
fbem-30511	33	11	to	to	PART
fbem-30511	33	12	avoid	avoid	VERB
fbem-30511	33	13	higher	high	ADJ
fbem-30511	33	14	external	external	ADJ
fbem-30511	33	15	transaction	transaction	NOUN
fbem-30511	33	16	costs	cost	NOUN
fbem-30511	33	17	(	(	PUNCT
fbem-30511	33	18	liu	liu	PROPN
fbem-30511	33	19	jia	jia	PROPN
fbem-30511	33	20	,	,	PUNCT
fbem-30511	33	21	2014	2014	NUM
fbem-30511	33	22	)	)	PUNCT
fbem-30511	33	23	.	.	PUNCT
fbem-30511	34	1	pei	pei	PROPN
fbem-30511	34	2	et	et	PROPN
fbem-30511	34	3	al	al	PROPN
fbem-30511	34	4	.	.	PROPN
fbem-30511	35	1	(	(	PUNCT
fbem-30511	35	2	2022	2022	NUM
fbem-30511	35	3	)	)	PUNCT
fbem-30511	35	4	suggest	suggest	VERB
fbem-30511	35	5	that	that	SCONJ
fbem-30511	35	6	the	the	DET
fbem-30511	35	7	potential	potential	ADJ
fbem-30511	35	8	value	value	NOUN
fbem-30511	35	9	brought	bring	VERB
fbem-30511	35	10	by	by	ADP
fbem-30511	35	11	m&a	m&a	PROPN
fbem-30511	35	12	premiums	premium	NOUN
fbem-30511	35	13	and	and	CCONJ
fbem-30511	35	14	related	relate	VERB
fbem-30511	35	15	mitigation	mitigation	NOUN
fbem-30511	35	16	policies	policy	NOUN
fbem-30511	35	17	are	be	AUX
fbem-30511	35	18	crucial	crucial	ADJ
fbem-30511	35	19	for	for	ADP
fbem-30511	35	20	the	the	DET
fbem-30511	35	21	survival	survival	NOUN
fbem-30511	35	22	of	of	ADP
fbem-30511	35	23	acquiring	acquire	VERB
fbem-30511	35	24	companies	company	NOUN
fbem-30511	35	25	.	.	PUNCT
fbem-30511	36	1	based	base	VERB
fbem-30511	36	2	on	on	ADP
fbem-30511	36	3	this	this	PRON
fbem-30511	36	4	,	,	PUNCT
fbem-30511	36	5	the	the	DET
fbem-30511	36	6	following	follow	VERB
fbem-30511	36	7	hypothesis	hypothesis	NOUN
fbem-30511	36	8	is	be	AUX
fbem-30511	36	9	proposed	propose	VERB
fbem-30511	36	10	in	in	ADP
fbem-30511	36	11	this	this	DET
fbem-30511	36	12	paper	paper	NOUN
fbem-30511	36	13	.	.	PUNCT
fbem-30511	37	1	81	81	NUM
fbem-30511	37	2	h1	h1	PROPN
fbem-30511	37	3	:	:	PUNCT
fbem-30511	37	4	the	the	PRON
fbem-30511	37	5	higher	high	ADJ
fbem-30511	37	6	the	the	DET
fbem-30511	37	7	premiums	premium	NOUN
fbem-30511	37	8	paid	pay	VERB
fbem-30511	37	9	in	in	ADP
fbem-30511	37	10	mergers	merger	NOUN
fbem-30511	37	11	and	and	CCONJ
fbem-30511	37	12	acquisitions	acquisition	NOUN
fbem-30511	37	13	,	,	PUNCT
fbem-30511	37	14	the	the	PRON
fbem-30511	37	15	stronger	strong	ADJ
fbem-30511	37	16	the	the	DET
fbem-30511	37	17	corporate	corporate	ADJ
fbem-30511	37	18	growth	growth	NOUN
fbem-30511	37	19	.	.	PUNCT
fbem-30511	38	1	3	3	X
fbem-30511	38	2	.	.	X
fbem-30511	38	3	research	research	NOUN
fbem-30511	38	4	design	design	PROPN
fbem-30511	38	5	3.1	3.1	NUM
fbem-30511	38	6	.	.	PUNCT
fbem-30511	38	7	research	research	NOUN
fbem-30511	38	8	sample	sample	NOUN
fbem-30511	38	9	and	and	CCONJ
fbem-30511	38	10	data	datum	NOUN
fbem-30511	38	11	source	source	NOUN
fbem-30511	38	12	this	this	DET
fbem-30511	38	13	paper	paper	NOUN
fbem-30511	38	14	uses	use	VERB
fbem-30511	38	15	m&a	m&a	PROPN
fbem-30511	38	16	transactions	transaction	NOUN
fbem-30511	38	17	of	of	ADP
fbem-30511	38	18	shanghai	shanghai	PROPN
fbem-30511	38	19	and	and	CCONJ
fbem-30511	38	20	shenzhen	shenzhen	PROPN
fbem-30511	38	21	a	a	PROPN
fbem-30511	38	22	-	-	PUNCT
fbem-30511	38	23	share	share	NOUN
fbem-30511	38	24	listed	list	VERB
fbem-30511	38	25	companies	company	NOUN
fbem-30511	38	26	from	from	ADP
fbem-30511	38	27	2011	2011	NUM
fbem-30511	38	28	to	to	ADP
fbem-30511	38	29	2021	2021	NUM
fbem-30511	38	30	as	as	ADP
fbem-30511	38	31	the	the	DET
fbem-30511	38	32	initial	initial	ADJ
fbem-30511	38	33	sample	sample	NOUN
fbem-30511	38	34	.	.	PUNCT
fbem-30511	39	1	the	the	DET
fbem-30511	39	2	following	follow	VERB
fbem-30511	39	3	criteria	criterion	NOUN
fbem-30511	39	4	are	be	AUX
fbem-30511	39	5	applied	apply	VERB
fbem-30511	39	6	to	to	PART
fbem-30511	39	7	select	select	VERB
fbem-30511	39	8	the	the	DET
fbem-30511	39	9	sample	sample	NOUN
fbem-30511	39	10	:	:	PUNCT
fbem-30511	39	11	(	(	PUNCT
fbem-30511	39	12	1	1	X
fbem-30511	39	13	)	)	PUNCT
fbem-30511	39	14	samples	sample	NOUN
fbem-30511	39	15	with	with	ADP
fbem-30511	39	16	st	st	PROPN
fbem-30511	39	17	,	,	PUNCT
fbem-30511	39	18	st	st	PROPN
fbem-30511	39	19	*	*	PROPN
fbem-30511	39	20	,	,	PUNCT
fbem-30511	39	21	and	and	CCONJ
fbem-30511	39	22	pt	pt	NUM
fbem-30511	39	23	labels	label	NOUN
fbem-30511	39	24	are	be	AUX
fbem-30511	39	25	excluded	exclude	VERB
fbem-30511	39	26	;	;	PUNCT
fbem-30511	39	27	(	(	PUNCT
fbem-30511	39	28	2	2	X
fbem-30511	39	29	)	)	PUNCT
fbem-30511	39	30	samples	sample	NOUN
fbem-30511	39	31	from	from	ADP
fbem-30511	39	32	the	the	DET
fbem-30511	39	33	financial	financial	ADJ
fbem-30511	39	34	and	and	CCONJ
fbem-30511	39	35	insurance	insurance	NOUN
fbem-30511	39	36	industries	industry	NOUN
fbem-30511	39	37	are	be	AUX
fbem-30511	39	38	excluded	exclude	VERB
fbem-30511	39	39	;	;	PUNCT
fbem-30511	39	40	(	(	PUNCT
fbem-30511	39	41	3	3	X
fbem-30511	39	42	)	)	PUNCT
fbem-30511	39	43	samples	sample	NOUN
fbem-30511	39	44	with	with	ADP
fbem-30511	39	45	undisclosed	undisclosed	ADJ
fbem-30511	39	46	transaction	transaction	NOUN
fbem-30511	39	47	data	datum	NOUN
fbem-30511	39	48	are	be	AUX
fbem-30511	39	49	excluded	exclude	VERB
fbem-30511	39	50	;	;	PUNCT
fbem-30511	39	51	(	(	PUNCT
fbem-30511	39	52	4	4	X
fbem-30511	39	53	)	)	PUNCT
fbem-30511	39	54	samples	sample	NOUN
fbem-30511	39	55	with	with	ADP
fbem-30511	39	56	transaction	transaction	NOUN
fbem-30511	39	57	amounts	amount	VERB
fbem-30511	39	58	less	less	ADJ
fbem-30511	39	59	than	than	ADP
fbem-30511	39	60	10	10	NUM
fbem-30511	39	61	million	million	NUM
fbem-30511	39	62	rmb	rmb	NOUN
fbem-30511	39	63	are	be	AUX
fbem-30511	39	64	excluded	exclude	VERB
fbem-30511	39	65	;	;	PUNCT
fbem-30511	39	66	(	(	PUNCT
fbem-30511	39	67	5	5	X
fbem-30511	39	68	)	)	PUNCT
fbem-30511	39	69	failed	fail	VERB
fbem-30511	39	70	transaction	transaction	NOUN
fbem-30511	39	71	samples	sample	NOUN
fbem-30511	39	72	are	be	AUX
fbem-30511	39	73	excluded	exclude	VERB
fbem-30511	39	74	;	;	PUNCT
fbem-30511	39	75	(	(	PUNCT
fbem-30511	39	76	6	6	NUM
fbem-30511	39	77	)	)	PUNCT
fbem-30511	39	78	in	in	ADP
fbem-30511	39	79	cases	case	NOUN
fbem-30511	39	80	of	of	ADP
fbem-30511	39	81	multiple	multiple	ADJ
fbem-30511	39	82	m&a	m&a	PROPN
fbem-30511	39	83	restructurings	restructuring	NOUN
fbem-30511	39	84	within	within	ADP
fbem-30511	39	85	the	the	DET
fbem-30511	39	86	same	same	ADJ
fbem-30511	39	87	year	year	NOUN
fbem-30511	39	88	,	,	PUNCT
fbem-30511	39	89	only	only	ADV
fbem-30511	39	90	the	the	DET
fbem-30511	39	91	sample	sample	NOUN
fbem-30511	39	92	with	with	ADP
fbem-30511	39	93	the	the	DET
fbem-30511	39	94	largest	large	ADJ
fbem-30511	39	95	transaction	transaction	NOUN
fbem-30511	39	96	amount	amount	NOUN
fbem-30511	39	97	is	be	AUX
fbem-30511	39	98	retained	retain	VERB
fbem-30511	39	99	.	.	PUNCT
fbem-30511	40	1	the	the	DET
fbem-30511	40	2	m&a	m&a	PROPN
fbem-30511	40	3	transactions	transaction	NOUN
fbem-30511	40	4	selected	select	VERB
fbem-30511	40	5	for	for	ADP
fbem-30511	40	6	this	this	DET
fbem-30511	40	7	study	study	NOUN
fbem-30511	40	8	are	be	AUX
fbem-30511	40	9	all	all	PRON
fbem-30511	40	10	completed	complete	VERB
fbem-30511	40	11	in	in	ADP
fbem-30511	40	12	the	the	DET
fbem-30511	40	13	same	same	ADJ
fbem-30511	40	14	year	year	NOUN
fbem-30511	40	15	.	.	PUNCT
fbem-30511	41	1	ultimately	ultimately	ADV
fbem-30511	41	2	,	,	PUNCT
fbem-30511	41	3	the	the	DET
fbem-30511	41	4	study	study	NOUN
fbem-30511	41	5	obtains	obtain	VERB
fbem-30511	41	6	a	a	DET
fbem-30511	41	7	sample	sample	NOUN
fbem-30511	41	8	size	size	NOUN
fbem-30511	41	9	of	of	ADP
fbem-30511	41	10	2076	2076	NUM
fbem-30511	41	11	.	.	PUNCT
fbem-30511	42	1	the	the	DET
fbem-30511	42	2	data	datum	NOUN
fbem-30511	42	3	required	require	VERB
fbem-30511	42	4	for	for	ADP
fbem-30511	42	5	this	this	DET
fbem-30511	42	6	research	research	NOUN
fbem-30511	42	7	is	be	AUX
fbem-30511	42	8	sourced	source	VERB
fbem-30511	42	9	from	from	ADP
fbem-30511	42	10	csmar	csmar	PROPN
fbem-30511	42	11	and	and	CCONJ
fbem-30511	42	12	wind	wind	NOUN
fbem-30511	42	13	databases	database	NOUN
fbem-30511	42	14	,	,	PUNCT
fbem-30511	42	15	as	as	ADV
fbem-30511	42	16	well	well	ADV
fbem-30511	42	17	as	as	ADP
fbem-30511	42	18	financial	financial	ADJ
fbem-30511	42	19	statements	statement	NOUN
fbem-30511	42	20	disclosed	disclose	VERB
fbem-30511	42	21	by	by	ADP
fbem-30511	42	22	listed	list	VERB
fbem-30511	42	23	companies	company	NOUN
fbem-30511	42	24	.	.	PUNCT
fbem-30511	43	1	data	datum	NOUN
fbem-30511	43	2	analysis	analysis	NOUN
fbem-30511	43	3	is	be	AUX
fbem-30511	43	4	conducted	conduct	VERB
fbem-30511	43	5	using	use	VERB
fbem-30511	43	6	stata	stata	NOUN
fbem-30511	43	7	16	16	NUM
fbem-30511	43	8	software	software	NOUN
fbem-30511	43	9	.	.	PUNCT
fbem-30511	44	1	additionally	additionally	ADV
fbem-30511	44	2	,	,	PUNCT
fbem-30511	44	3	this	this	DET
fbem-30511	44	4	paper	paper	NOUN
fbem-30511	44	5	applies	apply	VERB
fbem-30511	44	6	1	1	NUM
fbem-30511	44	7	%	%	NOUN
fbem-30511	44	8	winsorization	winsorization	NOUN
fbem-30511	44	9	to	to	ADP
fbem-30511	44	10	continuous	continuous	ADJ
fbem-30511	44	11	variables	variable	NOUN
fbem-30511	44	12	to	to	PART
fbem-30511	44	13	prevent	prevent	VERB
fbem-30511	44	14	the	the	DET
fbem-30511	44	15	influence	influence	NOUN
fbem-30511	44	16	of	of	ADP
fbem-30511	44	17	extreme	extreme	ADJ
fbem-30511	44	18	values	value	NOUN
fbem-30511	44	19	on	on	ADP
fbem-30511	44	20	the	the	DET
fbem-30511	44	21	research	research	NOUN
fbem-30511	44	22	results	result	NOUN
fbem-30511	44	23	.	.	PUNCT
fbem-30511	45	1	3.2	3.2	NUM
fbem-30511	45	2	.	.	PUNCT
fbem-30511	46	1	variable	variable	ADJ
fbem-30511	46	2	definition	definition	NOUN
fbem-30511	46	3	dependent	dependent	ADJ
fbem-30511	46	4	variable	variable	NOUN
fbem-30511	46	5	:	:	PUNCT
fbem-30511	46	6	tobin	tobin	PROPN
fbem-30511	46	7	's	's	PART
fbem-30511	46	8	q	q	X
fbem-30511	46	9	(	(	PUNCT
fbem-30511	46	10	tobinq	tobinq	ADJ
fbem-30511	46	11	)	)	PUNCT
fbem-30511	46	12	.	.	PUNCT
fbem-30511	47	1	this	this	DET
fbem-30511	47	2	paper	paper	NOUN
fbem-30511	47	3	measures	measure	VERB
fbem-30511	47	4	corporate	corporate	ADJ
fbem-30511	47	5	growth	growth	NOUN
fbem-30511	47	6	using	use	VERB
fbem-30511	47	7	tobin	tobin	PROPN
fbem-30511	47	8	's	's	PART
fbem-30511	47	9	q	q	NOUN
fbem-30511	47	10	value	value	NOUN
fbem-30511	47	11	,	,	PUNCT
fbem-30511	47	12	following	follow	VERB
fbem-30511	47	13	the	the	DET
fbem-30511	47	14	practices	practice	NOUN
fbem-30511	47	15	of	of	ADP
fbem-30511	47	16	wang	wang	PROPN
fbem-30511	47	17	et	et	PROPN
fbem-30511	47	18	al	al	PROPN
fbem-30511	47	19	(	(	PUNCT
fbem-30511	47	20	2023	2023	NUM
fbem-30511	47	21	)	)	PUNCT
fbem-30511	47	22	and	and	CCONJ
fbem-30511	47	23	xue	xue	PROPN
fbem-30511	47	24	(	(	PUNCT
fbem-30511	47	25	2019	2019	NUM
fbem-30511	47	26	)	)	PUNCT
fbem-30511	47	27	.	.	PUNCT
fbem-30511	48	1	tobin	tobin	PROPN
fbem-30511	48	2	's	's	PART
fbem-30511	48	3	q	q	NOUN
fbem-30511	48	4	is	be	AUX
fbem-30511	48	5	a	a	DET
fbem-30511	48	6	comprehensive	comprehensive	ADJ
fbem-30511	48	7	evaluation	evaluation	NOUN
fbem-30511	48	8	index	index	NOUN
fbem-30511	48	9	that	that	PRON
fbem-30511	48	10	combines	combine	VERB
fbem-30511	48	11	a	a	DET
fbem-30511	48	12	company	company	NOUN
fbem-30511	48	13	's	's	PART
fbem-30511	48	14	performance	performance	NOUN
fbem-30511	48	15	with	with	ADP
fbem-30511	48	16	the	the	DET
fbem-30511	48	17	stock	stock	NOUN
fbem-30511	48	18	market	market	NOUN
fbem-30511	48	19	's	's	PART
fbem-30511	48	20	expectations	expectation	NOUN
fbem-30511	48	21	of	of	ADP
fbem-30511	48	22	its	its	PRON
fbem-30511	48	23	development	development	NOUN
fbem-30511	48	24	.	.	PUNCT
fbem-30511	49	1	it	it	PRON
fbem-30511	49	2	can	can	AUX
fbem-30511	49	3	comprehensively	comprehensively	ADV
fbem-30511	49	4	assess	assess	VERB
fbem-30511	49	5	the	the	DET
fbem-30511	49	6	growth	growth	NOUN
fbem-30511	49	7	of	of	ADP
fbem-30511	49	8	a	a	DET
fbem-30511	49	9	listed	list	VERB
fbem-30511	49	10	company	company	NOUN
fbem-30511	49	11	.	.	PUNCT
fbem-30511	50	1	according	accord	VERB
fbem-30511	50	2	to	to	ADP
fbem-30511	50	3	tobin	tobin	PROPN
fbem-30511	50	4	's	's	PART
fbem-30511	50	5	q	q	NOUN
fbem-30511	50	6	theory	theory	NOUN
fbem-30511	50	7	,	,	PUNCT
fbem-30511	50	8	if	if	SCONJ
fbem-30511	50	9	a	a	DET
fbem-30511	50	10	listed	list	VERB
fbem-30511	50	11	company	company	NOUN
fbem-30511	50	12	has	have	VERB
fbem-30511	50	13	good	good	ADJ
fbem-30511	50	14	growth	growth	NOUN
fbem-30511	50	15	prospects	prospect	NOUN
fbem-30511	50	16	,	,	PUNCT
fbem-30511	50	17	investors	investor	NOUN
fbem-30511	50	18	will	will	AUX
fbem-30511	50	19	have	have	VERB
fbem-30511	50	20	confidence	confidence	NOUN
fbem-30511	50	21	in	in	ADP
fbem-30511	50	22	it	it	PRON
fbem-30511	50	23	,	,	PUNCT
fbem-30511	50	24	be	be	AUX
fbem-30511	50	25	willing	willing	ADJ
fbem-30511	50	26	to	to	PART
fbem-30511	50	27	buy	buy	VERB
fbem-30511	50	28	its	its	PRON
fbem-30511	50	29	stocks	stock	NOUN
fbem-30511	50	30	or	or	CCONJ
fbem-30511	50	31	bonds	bond	NOUN
fbem-30511	50	32	,	,	PUNCT
fbem-30511	50	33	and	and	CCONJ
fbem-30511	50	34	this	this	PRON
fbem-30511	50	35	will	will	AUX
fbem-30511	50	36	indirectly	indirectly	ADV
fbem-30511	50	37	drive	drive	VERB
fbem-30511	50	38	up	up	ADP
fbem-30511	50	39	the	the	DET
fbem-30511	50	40	company	company	NOUN
fbem-30511	50	41	's	's	PART
fbem-30511	50	42	stock	stock	NOUN
fbem-30511	50	43	or	or	CCONJ
fbem-30511	50	44	bond	bond	NOUN
fbem-30511	50	45	prices	price	NOUN
fbem-30511	50	46	,	,	PUNCT
fbem-30511	50	47	resulting	result	VERB
fbem-30511	50	48	in	in	ADP
fbem-30511	50	49	an	an	DET
fbem-30511	50	50	increase	increase	NOUN
fbem-30511	50	51	in	in	ADP
fbem-30511	50	52	tobin	tobin	PROPN
fbem-30511	50	53	's	's	PART
fbem-30511	50	54	q.	q.	NOUN
fbem-30511	50	55	meanwhile	meanwhile	ADV
fbem-30511	50	56	,	,	PUNCT
fbem-30511	50	57	based	base	VERB
fbem-30511	50	58	on	on	ADP
fbem-30511	50	59	the	the	DET
fbem-30511	50	60	market	market	NOUN
fbem-30511	50	61	theory	theory	NOUN
fbem-30511	50	62	of	of	ADP
fbem-30511	50	63	information	information	NOUN
fbem-30511	50	64	efficiency	efficiency	NOUN
fbem-30511	50	65	,	,	PUNCT
fbem-30511	50	66	when	when	SCONJ
fbem-30511	50	67	m&a	m&a	PROPN
fbem-30511	50	68	information	information	NOUN
fbem-30511	50	69	is	be	AUX
fbem-30511	50	70	disseminated	disseminate	VERB
fbem-30511	50	71	to	to	ADP
fbem-30511	50	72	the	the	DET
fbem-30511	50	73	market	market	NOUN
fbem-30511	50	74	,	,	PUNCT
fbem-30511	50	75	the	the	DET
fbem-30511	50	76	information	information	NOUN
fbem-30511	50	77	is	be	AUX
fbem-30511	50	78	reflected	reflect	VERB
fbem-30511	50	79	through	through	ADP
fbem-30511	50	80	stock	stock	NOUN
fbem-30511	50	81	prices	price	NOUN
fbem-30511	50	82	.	.	PUNCT
fbem-30511	51	1	m&a	m&a	PROPN
fbem-30511	51	2	restructuring	restructuring	NOUN
fbem-30511	51	3	is	be	AUX
fbem-30511	51	4	one	one	NUM
fbem-30511	51	5	of	of	ADP
fbem-30511	51	6	the	the	DET
fbem-30511	51	7	areas	area	NOUN
fbem-30511	51	8	that	that	PRON
fbem-30511	51	9	investors	investor	NOUN
fbem-30511	51	10	pay	pay	VERB
fbem-30511	51	11	close	close	ADJ
fbem-30511	51	12	attention	attention	NOUN
fbem-30511	51	13	to	to	ADP
fbem-30511	51	14	.	.	PUNCT
fbem-30511	52	1	it	it	PRON
fbem-30511	52	2	can	can	AUX
fbem-30511	52	3	affect	affect	VERB
fbem-30511	52	4	the	the	DET
fbem-30511	52	5	allocation	allocation	NOUN
fbem-30511	52	6	of	of	ADP
fbem-30511	52	7	investor	investor	NOUN
fbem-30511	52	8	attention	attention	NOUN
fbem-30511	52	9	,	,	PUNCT
fbem-30511	52	10	thus	thus	ADV
fbem-30511	52	11	changing	change	VERB
fbem-30511	52	12	their	their	PRON
fbem-30511	52	13	judgment	judgment	NOUN
fbem-30511	52	14	of	of	ADP
fbem-30511	52	15	the	the	DET
fbem-30511	52	16	original	original	ADJ
fbem-30511	52	17	value	value	NOUN
fbem-30511	52	18	of	of	ADP
fbem-30511	52	19	the	the	DET
fbem-30511	52	20	acquiring	acquire	VERB
fbem-30511	52	21	company	company	NOUN
fbem-30511	52	22	(	(	PUNCT
fbem-30511	52	23	adra	adra	PROPN
fbem-30511	52	24	&	&	CCONJ
fbem-30511	52	25	barbopoulos	barbopoulo	NOUN
fbem-30511	52	26	,	,	PUNCT
fbem-30511	52	27	2018	2018	NUM
fbem-30511	52	28	)	)	PUNCT
fbem-30511	52	29	.	.	PUNCT
fbem-30511	53	1	tobin	tobin	PROPN
fbem-30511	53	2	's	's	PART
fbem-30511	53	3	q	q	NOUN
fbem-30511	53	4	value	value	NOUN
fbem-30511	53	5	is	be	AUX
fbem-30511	53	6	the	the	DET
fbem-30511	53	7	ratio	ratio	NOUN
fbem-30511	53	8	of	of	ADP
fbem-30511	53	9	a	a	DET
fbem-30511	53	10	company	company	NOUN
fbem-30511	53	11	's	's	PART
fbem-30511	53	12	market	market	NOUN
fbem-30511	53	13	value	value	NOUN
fbem-30511	53	14	to	to	ADP
fbem-30511	53	15	its	its	PRON
fbem-30511	53	16	asset	asset	NOUN
fbem-30511	53	17	replacement	replacement	NOUN
fbem-30511	53	18	cost	cost	NOUN
fbem-30511	53	19	,	,	PUNCT
fbem-30511	53	20	and	and	CCONJ
fbem-30511	53	21	stock	stock	NOUN
fbem-30511	53	22	prices	price	NOUN
fbem-30511	53	23	directly	directly	ADV
fbem-30511	53	24	impact	impact	VERB
fbem-30511	53	25	the	the	DET
fbem-30511	53	26	calculation	calculation	NOUN
fbem-30511	53	27	of	of	ADP
fbem-30511	53	28	a	a	DET
fbem-30511	53	29	company	company	NOUN
fbem-30511	53	30	's	's	PART
fbem-30511	53	31	market	market	NOUN
fbem-30511	53	32	value	value	NOUN
fbem-30511	53	33	.	.	PUNCT
fbem-30511	54	1	this	this	DET
fbem-30511	54	2	paper	paper	NOUN
fbem-30511	54	3	holds	hold	VERB
fbem-30511	54	4	the	the	DET
fbem-30511	54	5	view	view	NOUN
fbem-30511	54	6	that	that	SCONJ
fbem-30511	54	7	m&a	m&a	PROPN
fbem-30511	54	8	information	information	NOUN
fbem-30511	54	9	can	can	AUX
fbem-30511	54	10	affect	affect	VERB
fbem-30511	54	11	tobin	tobin	PROPN
fbem-30511	54	12	's	's	PART
fbem-30511	54	13	q	q	NOUN
fbem-30511	54	14	value	value	NOUN
fbem-30511	54	15	.	.	PUNCT
fbem-30511	55	1	furthermore	furthermore	ADV
fbem-30511	55	2	,	,	PUNCT
fbem-30511	55	3	based	base	VERB
fbem-30511	55	4	on	on	ADP
fbem-30511	55	5	the	the	DET
fbem-30511	55	6	research	research	NOUN
fbem-30511	55	7	by	by	ADP
fbem-30511	55	8	kothari	kothari	PROPN
fbem-30511	55	9	&	&	CCONJ
fbem-30511	55	10	warner	warner	PROPN
fbem-30511	55	11	(	(	PUNCT
fbem-30511	55	12	2016	2016	NUM
fbem-30511	55	13	)	)	PUNCT
fbem-30511	55	14	,	,	PUNCT
fbem-30511	55	15	m&a	m&a	PROPN
fbem-30511	55	16	news	news	PROPN
fbem-30511	55	17	typically	typically	ADV
fbem-30511	55	18	leaks	leak	VERB
fbem-30511	55	19	to	to	ADP
fbem-30511	55	20	investors	investor	NOUN
fbem-30511	55	21	before	before	ADP
fbem-30511	55	22	the	the	DET
fbem-30511	55	23	event	event	NOUN
fbem-30511	55	24	,	,	PUNCT
fbem-30511	55	25	and	and	CCONJ
fbem-30511	55	26	if	if	SCONJ
fbem-30511	55	27	the	the	DET
fbem-30511	55	28	event	event	NOUN
fbem-30511	55	29	window	window	NOUN
fbem-30511	55	30	is	be	AUX
fbem-30511	55	31	too	too	ADV
fbem-30511	55	32	large	large	ADJ
fbem-30511	55	33	,	,	PUNCT
fbem-30511	55	34	the	the	DET
fbem-30511	55	35	effects	effect	NOUN
fbem-30511	55	36	strongly	strongly	ADV
fbem-30511	55	37	related	relate	VERB
fbem-30511	55	38	to	to	ADP
fbem-30511	55	39	the	the	DET
fbem-30511	55	40	m&a	m&a	PROPN
fbem-30511	55	41	event	event	NOUN
fbem-30511	55	42	can	can	AUX
fbem-30511	55	43	not	not	PART
fbem-30511	55	44	be	be	AUX
fbem-30511	55	45	captured	capture	VERB
fbem-30511	55	46	.	.	PUNCT
fbem-30511	56	1	therefore	therefore	ADV
fbem-30511	56	2	,	,	PUNCT
fbem-30511	56	3	this	this	DET
fbem-30511	56	4	paper	paper	NOUN
fbem-30511	56	5	selects	select	VERB
fbem-30511	56	6	tobin	tobin	PROPN
fbem-30511	56	7	's	's	PART
fbem-30511	56	8	q	q	NOUN
fbem-30511	56	9	value	value	NOUN
fbem-30511	56	10	in	in	ADP
fbem-30511	56	11	the	the	DET
fbem-30511	56	12	year	year	NOUN
fbem-30511	56	13	of	of	ADP
fbem-30511	56	14	the	the	DET
fbem-30511	56	15	m&a	m&a	PROPN
fbem-30511	56	16	as	as	ADP
fbem-30511	56	17	the	the	DET
fbem-30511	56	18	measure	measure	NOUN
fbem-30511	56	19	of	of	ADP
fbem-30511	56	20	corporate	corporate	ADJ
fbem-30511	56	21	growth	growth	NOUN
fbem-30511	56	22	.	.	PUNCT
fbem-30511	57	1	independent	independent	ADJ
fbem-30511	57	2	variable	variable	NOUN
fbem-30511	57	3	:	:	PUNCT
fbem-30511	57	4	m&a	m&a	NOUN
fbem-30511	57	5	premiums	premium	NOUN
fbem-30511	57	6	(	(	PUNCT
fbem-30511	57	7	pre	pre	NOUN
fbem-30511	57	8	)	)	PUNCT
fbem-30511	57	9	.	.	PUNCT
fbem-30511	58	1	this	this	DET
fbem-30511	58	2	paper	paper	NOUN
fbem-30511	58	3	uses	use	VERB
fbem-30511	58	4	the	the	DET
fbem-30511	58	5	m&a	m&a	PROPN
fbem-30511	58	6	premiums	premium	NOUN
fbem-30511	58	7	indicator	indicator	NOUN
fbem-30511	58	8	to	to	PART
fbem-30511	58	9	measure	measure	VERB
fbem-30511	58	10	the	the	DET
fbem-30511	58	11	premiums	premium	NOUN
fbem-30511	58	12	paid	pay	VERB
fbem-30511	58	13	in	in	ADP
fbem-30511	58	14	m&a	m&a	PROPN
fbem-30511	58	15	transactions	transaction	NOUN
fbem-30511	58	16	.	.	PUNCT
fbem-30511	59	1	m&a	m&a	NOUN
fbem-30511	59	2	premiums	premium	NOUN
fbem-30511	59	3	refer	refer	VERB
fbem-30511	59	4	to	to	ADP
fbem-30511	59	5	the	the	DET
fbem-30511	59	6	difference	difference	NOUN
fbem-30511	59	7	paid	pay	VERB
fbem-30511	59	8	by	by	ADP
fbem-30511	59	9	the	the	DET
fbem-30511	59	10	acquiring	acquire	VERB
fbem-30511	59	11	company	company	NOUN
fbem-30511	59	12	above	above	ADP
fbem-30511	59	13	the	the	DET
fbem-30511	59	14	asset	asset	NOUN
fbem-30511	59	15	price	price	NOUN
fbem-30511	59	16	of	of	ADP
fbem-30511	59	17	the	the	DET
fbem-30511	59	18	target	target	NOUN
fbem-30511	59	19	company	company	NOUN
fbem-30511	59	20	.	.	PUNCT
fbem-30511	60	1	regarding	regard	VERB
fbem-30511	60	2	the	the	DET
fbem-30511	60	3	valuation	valuation	NOUN
fbem-30511	60	4	of	of	ADP
fbem-30511	60	5	the	the	DET
fbem-30511	60	6	target	target	NOUN
fbem-30511	60	7	company	company	NOUN
fbem-30511	60	8	's	's	PART
fbem-30511	60	9	assets	asset	NOUN
fbem-30511	60	10	,	,	PUNCT
fbem-30511	60	11	some	some	DET
fbem-30511	60	12	scholars	scholar	NOUN
fbem-30511	60	13	use	use	VERB
fbem-30511	60	14	the	the	DET
fbem-30511	60	15	target	target	NOUN
fbem-30511	60	16	company	company	NOUN
fbem-30511	60	17	's	's	PART
fbem-30511	60	18	stock	stock	NOUN
fbem-30511	60	19	price	price	NOUN
fbem-30511	60	20	as	as	ADP
fbem-30511	60	21	a	a	DET
fbem-30511	60	22	measure	measure	NOUN
fbem-30511	60	23	of	of	ADP
fbem-30511	60	24	asset	asset	NOUN
fbem-30511	60	25	price	price	NOUN
fbem-30511	60	26	,	,	PUNCT
fbem-30511	60	27	such	such	ADJ
fbem-30511	60	28	as	as	ADP
fbem-30511	60	29	yang	yang	PROPN
fbem-30511	60	30	(	(	PUNCT
fbem-30511	60	31	2021	2021	NUM
fbem-30511	60	32	)	)	PUNCT
fbem-30511	60	33	,	,	PUNCT
fbem-30511	60	34	who	who	PRON
fbem-30511	60	35	measures	measure	VERB
fbem-30511	60	36	the	the	DET
fbem-30511	60	37	m&a	m&a	PROPN
fbem-30511	60	38	premiums	premium	NOUN
fbem-30511	60	39	as	as	ADP
fbem-30511	60	40	the	the	DET
fbem-30511	60	41	proportion	proportion	NOUN
fbem-30511	60	42	of	of	ADP
fbem-30511	60	43	the	the	DET
fbem-30511	60	44	difference	difference	NOUN
fbem-30511	60	45	between	between	ADP
fbem-30511	60	46	the	the	DET
fbem-30511	60	47	transaction	transaction	NOUN
fbem-30511	60	48	price	price	NOUN
fbem-30511	60	49	and	and	CCONJ
fbem-30511	60	50	the	the	DET
fbem-30511	60	51	stock	stock	NOUN
fbem-30511	60	52	price	price	NOUN
fbem-30511	60	53	to	to	ADP
fbem-30511	60	54	the	the	DET
fbem-30511	60	55	stock	stock	NOUN
fbem-30511	60	56	price	price	NOUN
fbem-30511	60	57	.	.	PUNCT
fbem-30511	61	1	since	since	SCONJ
fbem-30511	61	2	m&a	m&a	PROPN
fbem-30511	61	3	transactions	transaction	NOUN
fbem-30511	61	4	in	in	ADP
fbem-30511	61	5	china	china	PROPN
fbem-30511	61	6	are	be	AUX
fbem-30511	61	7	primarily	primarily	ADV
fbem-30511	61	8	based	base	VERB
fbem-30511	61	9	on	on	ADP
fbem-30511	61	10	the	the	DET
fbem-30511	61	11	net	net	ADJ
fbem-30511	61	12	asset	asset	NOUN
fbem-30511	61	13	appraisal	appraisal	NOUN
fbem-30511	61	14	value	value	NOUN
fbem-30511	61	15	of	of	ADP
fbem-30511	61	16	the	the	DET
fbem-30511	61	17	target	target	NOUN
fbem-30511	61	18	company	company	NOUN
fbem-30511	61	19	,	,	PUNCT
fbem-30511	61	20	carried	carry	VERB
fbem-30511	61	21	out	out	ADP
fbem-30511	61	22	through	through	ADP
fbem-30511	61	23	agreement	agreement	NOUN
fbem-30511	61	24	transfer	transfer	NOUN
fbem-30511	61	25	(	(	PUNCT
fbem-30511	61	26	wang	wang	PROPN
fbem-30511	61	27	and	and	CCONJ
fbem-30511	61	28	xu	xu	PROPN
fbem-30511	61	29	,	,	PUNCT
fbem-30511	61	30	2022	2022	NUM
fbem-30511	61	31	)	)	PUNCT
fbem-30511	61	32	,	,	PUNCT
fbem-30511	61	33	this	this	DET
fbem-30511	61	34	paper	paper	NOUN
fbem-30511	61	35	follows	follow	VERB
fbem-30511	61	36	the	the	DET
fbem-30511	61	37	approach	approach	NOUN
fbem-30511	61	38	of	of	ADP
fbem-30511	61	39	tang	tang	PROPN
fbem-30511	61	40	and	and	CCONJ
fbem-30511	61	41	jiang	jiang	PROPN
fbem-30511	61	42	(	(	PUNCT
fbem-30511	61	43	2002	2002	NUM
fbem-30511	61	44	)	)	PUNCT
fbem-30511	61	45	and	and	CCONJ
fbem-30511	61	46	uses	use	VERB
fbem-30511	61	47	the	the	DET
fbem-30511	61	48	net	net	ADJ
fbem-30511	61	49	assets	asset	NOUN
fbem-30511	61	50	of	of	ADP
fbem-30511	61	51	the	the	DET
fbem-30511	61	52	target	target	NOUN
fbem-30511	61	53	company	company	NOUN
fbem-30511	61	54	to	to	PART
fbem-30511	61	55	measure	measure	VERB
fbem-30511	61	56	the	the	DET
fbem-30511	61	57	asset	asset	NOUN
fbem-30511	61	58	price	price	NOUN
fbem-30511	61	59	.	.	PUNCT
fbem-30511	62	1	therefore	therefore	ADV
fbem-30511	62	2	,	,	PUNCT
fbem-30511	62	3	the	the	DET
fbem-30511	62	4	calculation	calculation	NOUN
fbem-30511	62	5	formula	formula	NOUN
fbem-30511	62	6	for	for	ADP
fbem-30511	62	7	the	the	DET
fbem-30511	62	8	m&a	m&a	PROPN
fbem-30511	62	9	premiums	premium	NOUN
fbem-30511	62	10	in	in	ADP
fbem-30511	62	11	this	this	DET
fbem-30511	62	12	paper	paper	NOUN
fbem-30511	62	13	is	be	AUX
fbem-30511	62	14	:	:	PUNCT
fbem-30511	62	15	m&a	m&a	VERB
fbem-30511	62	16	premiums	premium	NOUN
fbem-30511	62	17	=	=	SYM
fbem-30511	62	18	(	(	PUNCT
fbem-30511	62	19	total	total	ADJ
fbem-30511	62	20	transaction	transaction	NOUN
fbem-30511	62	21	price	price	NOUN
fbem-30511	62	22	net	net	ADJ
fbem-30511	62	23	asset	asset	NOUN
fbem-30511	62	24	)	)	PUNCT
fbem-30511	62	25	/	/	SYM
fbem-30511	62	26	net	net	ADJ
fbem-30511	62	27	asset	asset	NOUN
fbem-30511	62	28	.	.	PUNCT
fbem-30511	63	1	control	control	NOUN
fbem-30511	63	2	variables	variable	NOUN
fbem-30511	63	3	:	:	PUNCT
fbem-30511	63	4	to	to	PART
fbem-30511	63	5	control	control	VERB
fbem-30511	63	6	for	for	ADP
fbem-30511	63	7	the	the	DET
fbem-30511	63	8	impact	impact	NOUN
fbem-30511	63	9	of	of	ADP
fbem-30511	63	10	other	other	ADJ
fbem-30511	63	11	factors	factor	NOUN
fbem-30511	63	12	on	on	ADP
fbem-30511	63	13	corporate	corporate	ADJ
fbem-30511	63	14	growth	growth	NOUN
fbem-30511	63	15	,	,	PUNCT
fbem-30511	63	16	this	this	DET
fbem-30511	63	17	paper	paper	NOUN
fbem-30511	63	18	selects	select	VERB
fbem-30511	63	19	financial	financial	ADJ
fbem-30511	63	20	leverage	leverage	NOUN
fbem-30511	63	21	(	(	PUNCT
fbem-30511	63	22	lev	lev	NOUN
fbem-30511	63	23	)	)	PUNCT
fbem-30511	63	24	,	,	PUNCT
fbem-30511	63	25	firm	firm	ADJ
fbem-30511	63	26	size	size	NOUN
fbem-30511	63	27	(	(	PUNCT
fbem-30511	63	28	size	size	NOUN
fbem-30511	63	29	)	)	PUNCT
fbem-30511	63	30	,	,	PUNCT
fbem-30511	63	31	operating	operate	VERB
fbem-30511	63	32	gross	gross	ADJ
fbem-30511	63	33	profit	profit	NOUN
fbem-30511	63	34	margin	margin	NOUN
fbem-30511	63	35	(	(	PUNCT
fbem-30511	63	36	opr	opr	NOUN
fbem-30511	63	37	)	)	PUNCT
fbem-30511	63	38	,	,	PUNCT
fbem-30511	63	39	research	research	NOUN
fbem-30511	63	40	and	and	CCONJ
fbem-30511	63	41	development	development	NOUN
fbem-30511	63	42	expense	expense	NOUN
fbem-30511	63	43	ratio	ratio	NOUN
fbem-30511	63	44	(	(	PUNCT
fbem-30511	63	45	rde	rde	PROPN
fbem-30511	63	46	)	)	PUNCT
fbem-30511	63	47	,	,	PUNCT
fbem-30511	63	48	management	management	NOUN
fbem-30511	63	49	expense	expense	NOUN
fbem-30511	63	50	ratio	ratio	NOUN
fbem-30511	63	51	(	(	PUNCT
fbem-30511	63	52	mer	mer	NOUN
fbem-30511	63	53	)	)	PUNCT
fbem-30511	63	54	,	,	PUNCT
fbem-30511	63	55	payment	payment	NOUN
fbem-30511	63	56	method	method	NOUN
fbem-30511	63	57	(	(	PUNCT
fbem-30511	63	58	payment	payment	NOUN
fbem-30511	63	59	)	)	PUNCT
fbem-30511	63	60	,	,	PUNCT
fbem-30511	63	61	related	relate	VERB
fbem-30511	63	62	deals	deal	NOUN
fbem-30511	63	63	(	(	PUNCT
fbem-30511	63	64	relateddeals	relateddeal	NOUN
fbem-30511	63	65	)	)	PUNCT
fbem-30511	63	66	,	,	PUNCT
fbem-30511	63	67	and	and	CCONJ
fbem-30511	63	68	property	property	NOUN
fbem-30511	63	69	rights	right	NOUN
fbem-30511	63	70	nature	nature	NOUN
fbem-30511	63	71	(	(	PUNCT
fbem-30511	63	72	pr	pr	NOUN
fbem-30511	63	73	)	)	PUNCT
fbem-30511	63	74	as	as	ADP
fbem-30511	63	75	control	control	NOUN
fbem-30511	63	76	variables	variable	NOUN
fbem-30511	63	77	.	.	PUNCT
fbem-30511	64	1	details	detail	NOUN
fbem-30511	64	2	of	of	ADP
fbem-30511	64	3	the	the	DET
fbem-30511	64	4	relevant	relevant	ADJ
fbem-30511	64	5	variables	variable	NOUN
fbem-30511	64	6	are	be	AUX
fbem-30511	64	7	shown	show	VERB
fbem-30511	64	8	in	in	ADP
fbem-30511	64	9	table	table	NOUN
fbem-30511	64	10	1	1	NUM
fbem-30511	64	11	.	.	PUNCT
fbem-30511	64	12	table	table	NOUN
fbem-30511	64	13	1	1	NUM
fbem-30511	64	14	.	.	PUNCT
fbem-30511	64	15	related	relate	VERB
fbem-30511	64	16	variable	variable	ADJ
fbem-30511	64	17	description	description	NOUN
fbem-30511	64	18	variable	variable	ADJ
fbem-30511	64	19	type	type	NOUN
fbem-30511	64	20	variable	variable	ADJ
fbem-30511	64	21	name	name	NOUN
fbem-30511	64	22	variable	variable	ADJ
fbem-30511	64	23	symbol	symbol	NOUN
fbem-30511	64	24	variable	variable	ADJ
fbem-30511	64	25	description	description	NOUN
fbem-30511	64	26	explained	explain	VERB
fbem-30511	64	27	variable	variable	ADJ
fbem-30511	64	28	tobin	tobin	PROPN
fbem-30511	64	29	's	's	PART
fbem-30511	64	30	q	q	NOUN
fbem-30511	64	31	value	value	NOUN
fbem-30511	64	32	tobinq	tobinq	NOUN
fbem-30511	64	33	(	(	PUNCT
fbem-30511	64	34	circulating	circulate	VERB
fbem-30511	64	35	shares	share	NOUN
fbem-30511	64	36	market	market	NOUN
fbem-30511	64	37	value	value	NOUN
fbem-30511	64	38	+	+	CCONJ
fbem-30511	64	39	number	number	NOUN
fbem-30511	64	40	of	of	ADP
fbem-30511	64	41	non	non	ADJ
fbem-30511	64	42	-	-	ADJ
fbem-30511	64	43	tradable	tradable	ADJ
fbem-30511	64	44	shares	share	NOUN
fbem-30511	64	45	*	*	PUNCT
fbem-30511	64	46	net	net	ADJ
fbem-30511	64	47	assets	asset	NOUN
fbem-30511	64	48	per	per	ADP
fbem-30511	64	49	share	share	NOUN
fbem-30511	64	50	+	+	CCONJ
fbem-30511	64	51	liabilities	liability	NOUN
fbem-30511	64	52	book	book	NOUN
fbem-30511	64	53	value)/	value)/	ADJ
fbem-30511	64	54	total	total	ADJ
fbem-30511	64	55	assets	asset	NOUN
fbem-30511	64	56	explanatory	explanatory	ADJ
fbem-30511	64	57	variables	variable	NOUN
fbem-30511	64	58	m&a	m&a	PROPN
fbem-30511	64	59	premiums	premium	NOUN
fbem-30511	64	60	pre	pre	X
fbem-30511	64	61	m&a	m&a	PROPN
fbem-30511	64	62	premiums	premium	NOUN
fbem-30511	64	63	=	=	SYM
fbem-30511	64	64	(	(	PUNCT
fbem-30511	64	65	total	total	ADJ
fbem-30511	64	66	transaction	transaction	NOUN
fbem-30511	64	67	price	price	NOUN
fbem-30511	64	68	net	net	ADJ
fbem-30511	64	69	assets	asset	NOUN
fbem-30511	64	70	of	of	ADP
fbem-30511	64	71	the	the	DET
fbem-30511	64	72	transaction	transaction	NOUN
fbem-30511	64	73	target	target	NOUN
fbem-30511	64	74	)	)	PUNCT
fbem-30511	64	75	/	/	SYM
fbem-30511	64	76	net	net	ADJ
fbem-30511	64	77	assets	asset	NOUN
fbem-30511	64	78	of	of	ADP
fbem-30511	64	79	the	the	DET
fbem-30511	64	80	transaction	transaction	NOUN
fbem-30511	64	81	target	target	NOUN
fbem-30511	64	82	.	.	PUNCT
fbem-30511	65	1	the	the	PRON
fbem-30511	65	2	greater	great	ADJ
fbem-30511	65	3	the	the	DET
fbem-30511	65	4	calculation	calculation	NOUN
fbem-30511	65	5	result	result	NOUN
fbem-30511	65	6	,	,	PUNCT
fbem-30511	65	7	the	the	PRON
fbem-30511	65	8	higher	high	ADJ
fbem-30511	65	9	the	the	DET
fbem-30511	65	10	premiums	premium	NOUN
fbem-30511	65	11	paid	pay	VERB
fbem-30511	65	12	by	by	ADP
fbem-30511	65	13	the	the	DET
fbem-30511	65	14	merging	merge	VERB
fbem-30511	65	15	company	company	NOUN
fbem-30511	65	16	to	to	ADP
fbem-30511	65	17	the	the	DET
fbem-30511	65	18	target	target	NOUN
fbem-30511	65	19	company	company	NOUN
fbem-30511	65	20	,	,	PUNCT
fbem-30511	65	21	and	and	CCONJ
fbem-30511	65	22	vice	vice	ADV
fbem-30511	65	23	versa	versa	ADV
fbem-30511	65	24	.	.	PUNCT
fbem-30511	66	1	control	control	NOUN
fbem-30511	66	2	variables	variable	NOUN
fbem-30511	66	3	financial	financial	ADJ
fbem-30511	66	4	leverage	leverage	NOUN
fbem-30511	66	5	lev	lev	NOUN
fbem-30511	66	6	total	total	ADJ
fbem-30511	66	7	liabilities	liability	NOUN
fbem-30511	66	8	/total	/total	PUNCT
fbem-30511	66	9	assets	asset	NOUN
fbem-30511	66	10	enterprise	enterprise	NOUN
fbem-30511	66	11	size	size	NOUN
fbem-30511	66	12	size	size	NOUN
fbem-30511	66	13	natural	natural	ADJ
fbem-30511	66	14	logarithm	logarithm	NOUN
fbem-30511	66	15	of	of	ADP
fbem-30511	66	16	total	total	ADJ
fbem-30511	66	17	assets	asset	NOUN
fbem-30511	66	18	operating	operate	VERB
fbem-30511	66	19	margin	margin	NOUN
fbem-30511	66	20	opr	opr	NOUN
fbem-30511	66	21	(	(	PUNCT
fbem-30511	66	22	operating	operate	VERB
fbem-30511	66	23	revenue	revenue	NOUN
fbem-30511	66	24	operating	operating	NOUN
fbem-30511	66	25	costs)/operating	costs)/operating	NOUN
fbem-30511	66	26	revenue	revenue	NOUN
fbem-30511	66	27	r&d	r&d	NOUN
fbem-30511	66	28	expense	expense	NOUN
fbem-30511	66	29	ratio	ratio	NOUN
fbem-30511	66	30	rde	rde	PROPN
fbem-30511	66	31	r&d	r&d	NOUN
fbem-30511	66	32	expenses	expense	NOUN
fbem-30511	67	1	/operating	/operate	VERB
fbem-30511	67	2	income	income	NOUN
fbem-30511	67	3	overhead	overhead	ADJ
fbem-30511	67	4	rate	rate	NOUN
fbem-30511	67	5	mer	mer	PROPN
fbem-30511	67	6	administrative	administrative	ADJ
fbem-30511	67	7	expenses	expense	NOUN
fbem-30511	67	8	/	/	SYM
fbem-30511	67	9	operating	operate	VERB
fbem-30511	67	10	income	income	NOUN
fbem-30511	67	11	payment	payment	NOUN
fbem-30511	67	12	method	method	NOUN
fbem-30511	67	13	payment	payment	NOUN
fbem-30511	67	14	1	1	NUM
fbem-30511	67	15	for	for	ADP
fbem-30511	67	16	pure	pure	ADJ
fbem-30511	67	17	cash	cash	NOUN
fbem-30511	67	18	payments	payment	NOUN
fbem-30511	67	19	,	,	PUNCT
fbem-30511	67	20	0	0	NUM
fbem-30511	67	21	otherwise	otherwise	ADV
fbem-30511	67	22	related	relate	VERB
fbem-30511	67	23	party	party	NOUN
fbem-30511	67	24	transactions	transaction	NOUN
fbem-30511	67	25	relateddeals	relateddeal	NOUN
fbem-30511	67	26	related	relate	VERB
fbem-30511	67	27	transactions	transaction	NOUN
fbem-30511	67	28	are	be	AUX
fbem-30511	67	29	1	1	NUM
fbem-30511	67	30	,	,	PUNCT
fbem-30511	67	31	non	non	ADJ
fbem-30511	67	32	-	-	ADJ
fbem-30511	67	33	related	related	ADJ
fbem-30511	67	34	transactions	transaction	NOUN
fbem-30511	67	35	are	be	AUX
fbem-30511	67	36	0	0	NUM
fbem-30511	67	37	nature	nature	NOUN
fbem-30511	67	38	of	of	ADP
fbem-30511	67	39	property	property	NOUN
fbem-30511	67	40	rights	right	NOUN
fbem-30511	67	41	pr	pr	ADP
fbem-30511	67	42	state	state	NOUN
fbem-30511	67	43	-	-	PUNCT
fbem-30511	67	44	owned	own	VERB
fbem-30511	67	45	enterprises	enterprise	NOUN
fbem-30511	67	46	take	take	VERB
fbem-30511	67	47	the	the	DET
fbem-30511	67	48	value	value	NOUN
fbem-30511	67	49	1	1	NUM
fbem-30511	67	50	,	,	PUNCT
fbem-30511	67	51	non	non	ADJ
fbem-30511	67	52	-	-	ADJ
fbem-30511	67	53	state	state	NOUN
fbem-30511	67	54	-	-	PUNCT
fbem-30511	67	55	owned	own	VERB
fbem-30511	67	56	companies	company	NOUN
fbem-30511	67	57	take	take	VERB
fbem-30511	67	58	the	the	DET
fbem-30511	67	59	value	value	NOUN
fbem-30511	67	60	0	0	NUM
fbem-30511	67	61	3.3	3.3	NUM
fbem-30511	67	62	.	.	PUNCT
fbem-30511	68	1	model	model	NOUN
fbem-30511	68	2	to	to	PART
fbem-30511	68	3	investigate	investigate	VERB
fbem-30511	68	4	the	the	DET
fbem-30511	68	5	impact	impact	NOUN
fbem-30511	68	6	of	of	ADP
fbem-30511	68	7	m&a	m&a	PROPN
fbem-30511	68	8	premiums	premium	NOUN
fbem-30511	68	9	on	on	ADP
fbem-30511	68	10	corporate	corporate	ADJ
fbem-30511	68	11	growth	growth	NOUN
fbem-30511	68	12	and	and	CCONJ
fbem-30511	68	13	validate	validate	VERB
fbem-30511	68	14	hypothesis	hypothesis	NOUN
fbem-30511	68	15	h1	h1	NOUN
fbem-30511	68	16	the	the	DET
fbem-30511	68	17	study	study	NOUN
fbem-30511	68	18	incorporated	incorporate	VERB
fbem-30511	68	19	industry	industry	NOUN
fbem-30511	68	20	fixed	fix	VERB
fbem-30511	68	21	effects	effect	NOUN
fbem-30511	68	22	and	and	CCONJ
fbem-30511	68	23	year	year	NOUN
fbem-30511	68	24	fixed	fix	VERB
fbem-30511	68	25	effects	effect	NOUN
fbem-30511	68	26	into	into	ADP
fbem-30511	68	27	the	the	DET
fbem-30511	68	28	following	follow	VERB
fbem-30511	68	29	model	model	NOUN
fbem-30511	68	30	to	to	PART
fbem-30511	68	31	ensure	ensure	VERB
fbem-30511	68	32	the	the	DET
fbem-30511	68	33	robustness	robustness	NOUN
fbem-30511	68	34	of	of	ADP
fbem-30511	68	35	the	the	DET
fbem-30511	68	36	results	result	NOUN
fbem-30511	68	37	.	.	PUNCT
fbem-30511	69	1	82	82	NUM
fbem-30511	69	2	𝑇𝑜𝑏𝑖𝑛𝑄𝑖,𝑡	𝑇𝑜𝑏𝑖𝑛𝑄𝑖,𝑡	NUM
fbem-30511	69	3	=	=	SYM
fbem-30511	69	4	𝛼0	𝛼0	PROPN
fbem-30511	69	5	+	+	CCONJ
fbem-30511	69	6	𝛼1𝑃𝑟𝑒𝑖,𝑡	𝛼1𝑃𝑟𝑒𝑖,𝑡	NOUN
fbem-30511	69	7	+	+	ADJ
fbem-30511	69	8	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑉𝑎𝑟𝑖	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑉𝑎𝑟𝑖	PROPN
fbem-30511	69	9	+	+	CCONJ
fbem-30511	69	10	∑	∑	PROPN
fbem-30511	69	11	𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	PROPN
fbem-30511	69	12	+	+	CCONJ
fbem-30511	69	13	∑	∑	PUNCT
fbem-30511	70	1	𝑌𝑒𝑎𝑟	𝑌𝑒𝑎𝑟	NOUN
fbem-30511	70	2	+	+	NOUN
fbem-30511	70	3	𝜀	𝜀	PRON
fbem-30511	70	4	𝑇𝑜𝑏𝑖𝑛𝑄𝑖,𝑡	𝑇𝑜𝑏𝑖𝑛𝑄𝑖,𝑡	NOUN
fbem-30511	70	5	represents	represent	VERB
fbem-30511	70	6	the	the	DET
fbem-30511	70	7	tobin	tobin	NOUN
fbem-30511	70	8	's	's	PART
fbem-30511	70	9	q	q	NOUN
fbem-30511	70	10	value	value	NOUN
fbem-30511	70	11	of	of	ADP
fbem-30511	70	12	company	company	NOUN
fbem-30511	70	13	i	i	PRON
fbem-30511	70	14	in	in	ADP
fbem-30511	70	15	year	year	NOUN
fbem-30511	70	16	t	t	PROPN
fbem-30511	70	17	,	,	PUNCT
fbem-30511	70	18	𝑃𝑟𝑒𝑖,𝑡	𝑃𝑟𝑒𝑖,𝑡	ADJ
fbem-30511	70	19	represents	represent	VERB
fbem-30511	70	20	the	the	DET
fbem-30511	70	21	merger	merger	NOUN
fbem-30511	70	22	premium	premium	NOUN
fbem-30511	70	23	of	of	ADP
fbem-30511	70	24	company	company	NOUN
fbem-30511	70	25	i	i	PRON
fbem-30511	70	26	in	in	ADP
fbem-30511	70	27	year	year	NOUN
fbem-30511	70	28	t	t	PROPN
fbem-30511	70	29	;	;	PUNCT
fbem-30511	70	30	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑉𝑎𝑟𝑖	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑉𝑎𝑟𝑖	PROPN
fbem-30511	70	31	represents	represent	VERB
fbem-30511	70	32	control	control	NOUN
fbem-30511	70	33	variables	variable	NOUN
fbem-30511	70	34	,	,	PUNCT
fbem-30511	70	35	∑	∑	PROPN
fbem-30511	70	36	𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	𝐼𝑛𝑑𝑢𝑠𝑡𝑟𝑦	PROPN
fbem-30511	70	37	represents	represent	VERB
fbem-30511	70	38	industry	industry	NOUN
fbem-30511	70	39	dummy	dummy	ADJ
fbem-30511	70	40	variables	variable	NOUN
fbem-30511	70	41	,	,	PUNCT
fbem-30511	70	42	and	and	CCONJ
fbem-30511	70	43	∑	∑	PUNCT
fbem-30511	70	44	𝑌𝑒𝑎𝑟	𝑌𝑒𝑎𝑟	PROPN
fbem-30511	70	45	represents	represent	VERB
fbem-30511	70	46	year	year	NOUN
fbem-30511	70	47	dummy	dummy	ADJ
fbem-30511	70	48	variables	variable	NOUN
fbem-30511	70	49	;	;	PUNCT
fbem-30511	70	50	𝛼0	𝛼0	PROPN
fbem-30511	70	51	represents	represent	VERB
fbem-30511	70	52	the	the	DET
fbem-30511	70	53	constant	constant	ADJ
fbem-30511	70	54	term	term	NOUN
fbem-30511	70	55	,	,	PUNCT
fbem-30511	70	56	and	and	CCONJ
fbem-30511	70	57	𝜀	𝜀	NOUN
fbem-30511	70	58	represents	represent	VERB
fbem-30511	70	59	the	the	DET
fbem-30511	70	60	random	random	ADJ
fbem-30511	70	61	disturbance	disturbance	NOUN
fbem-30511	70	62	term	term	NOUN
fbem-30511	70	63	.	.	PUNCT
fbem-30511	71	1	if	if	SCONJ
fbem-30511	71	2	the	the	DET
fbem-30511	71	3	impact	impact	NOUN
fbem-30511	71	4	of	of	ADP
fbem-30511	71	5	the	the	DET
fbem-30511	71	6	merger	merger	NOUN
fbem-30511	71	7	premium	premium	NOUN
fbem-30511	71	8	on	on	ADP
fbem-30511	71	9	corporate	corporate	ADJ
fbem-30511	71	10	growth	growth	NOUN
fbem-30511	71	11	is	be	AUX
fbem-30511	71	12	consistent	consistent	ADJ
fbem-30511	71	13	with	with	ADP
fbem-30511	71	14	the	the	DET
fbem-30511	71	15	original	original	ADJ
fbem-30511	71	16	hypothesis	hypothesis	NOUN
fbem-30511	71	17	h1	h1	NOUN
fbem-30511	71	18	proposed	propose	VERB
fbem-30511	71	19	in	in	ADP
fbem-30511	71	20	this	this	DET
fbem-30511	71	21	paper	paper	NOUN
fbem-30511	71	22	,	,	PUNCT
fbem-30511	71	23	then	then	ADV
fbem-30511	71	24	the	the	DET
fbem-30511	71	25	coefficient	coefficient	NOUN
fbem-30511	71	26	𝛼1	𝛼1	NOUN
fbem-30511	71	27	of	of	ADP
fbem-30511	71	28	the	the	DET
fbem-30511	71	29	merger	merger	NOUN
fbem-30511	71	30	premium	premium	NOUN
fbem-30511	71	31	in	in	ADP
fbem-30511	71	32	the	the	DET
fbem-30511	71	33	expected	expect	VERB
fbem-30511	71	34	regression	regression	NOUN
fbem-30511	71	35	results	result	NOUN
fbem-30511	71	36	should	should	AUX
fbem-30511	71	37	be	be	AUX
fbem-30511	71	38	significantly	significantly	ADV
fbem-30511	71	39	positive	positive	ADJ
fbem-30511	71	40	.	.	PUNCT
fbem-30511	72	1	4	4	X
fbem-30511	72	2	.	.	X
fbem-30511	72	3	empirical	empirical	ADJ
fbem-30511	72	4	results	result	NOUN
fbem-30511	72	5	4.1	4.1	NUM
fbem-30511	72	6	.	.	PUNCT
fbem-30511	73	1	descriptive	descriptive	ADJ
fbem-30511	73	2	statistical	statistical	ADJ
fbem-30511	73	3	analysis	analysis	NOUN
fbem-30511	73	4	according	accord	VERB
fbem-30511	73	5	to	to	ADP
fbem-30511	73	6	table	table	NOUN
fbem-30511	73	7	2	2	NUM
fbem-30511	73	8	,	,	PUNCT
fbem-30511	73	9	the	the	DET
fbem-30511	73	10	average	average	ADJ
fbem-30511	73	11	value	value	NOUN
fbem-30511	73	12	of	of	ADP
fbem-30511	73	13	tobin	tobin	NOUN
fbem-30511	73	14	's	's	PART
fbem-30511	73	15	q	q	NOUN
fbem-30511	73	16	for	for	ADP
fbem-30511	73	17	growth	growth	NOUN
fbem-30511	73	18	is	be	AUX
fbem-30511	73	19	2.047	2.047	NUM
fbem-30511	73	20	,	,	PUNCT
fbem-30511	73	21	indicating	indicate	VERB
fbem-30511	73	22	that	that	SCONJ
fbem-30511	73	23	the	the	DET
fbem-30511	73	24	sample	sample	NOUN
fbem-30511	73	25	companies	company	NOUN
fbem-30511	73	26	,	,	PUNCT
fbem-30511	73	27	on	on	ADP
fbem-30511	73	28	average	average	ADJ
fbem-30511	73	29	,	,	PUNCT
fbem-30511	73	30	create	create	VERB
fbem-30511	73	31	value	value	NOUN
fbem-30511	73	32	and	and	CCONJ
fbem-30511	73	33	have	have	VERB
fbem-30511	73	34	relatively	relatively	ADV
fbem-30511	73	35	good	good	ADJ
fbem-30511	73	36	growth	growth	NOUN
fbem-30511	73	37	prospects	prospect	NOUN
fbem-30511	73	38	.	.	PUNCT
fbem-30511	74	1	the	the	DET
fbem-30511	74	2	maximum	maximum	PROPN
fbem-30511	74	3	tobin	tobin	PROPN
fbem-30511	74	4	's	's	PART
fbem-30511	74	5	q	q	NOUN
fbem-30511	74	6	value	value	NOUN
fbem-30511	74	7	is	be	AUX
fbem-30511	74	8	8.020	8.020	NUM
fbem-30511	74	9	,	,	PUNCT
fbem-30511	74	10	the	the	DET
fbem-30511	74	11	minimum	minimum	NOUN
fbem-30511	74	12	is	be	AUX
fbem-30511	74	13	0.857	0.857	NUM
fbem-30511	74	14	,	,	PUNCT
fbem-30511	74	15	and	and	CCONJ
fbem-30511	74	16	the	the	DET
fbem-30511	74	17	standard	standard	ADJ
fbem-30511	74	18	deviation	deviation	NOUN
fbem-30511	74	19	is	be	AUX
fbem-30511	74	20	1.254	1.254	NUM
fbem-30511	74	21	,	,	PUNCT
fbem-30511	74	22	suggesting	suggest	VERB
fbem-30511	74	23	that	that	SCONJ
fbem-30511	74	24	many	many	ADJ
fbem-30511	74	25	sample	sample	NOUN
fbem-30511	74	26	companies	company	NOUN
fbem-30511	74	27	have	have	VERB
fbem-30511	74	28	tobin	tobin	PROPN
fbem-30511	74	29	's	's	PART
fbem-30511	74	30	q	q	NOUN
fbem-30511	74	31	values	value	NOUN
fbem-30511	74	32	clustered	cluster	VERB
fbem-30511	74	33	around	around	ADP
fbem-30511	74	34	the	the	DET
fbem-30511	74	35	mean	mean	NOUN
fbem-30511	74	36	.	.	PUNCT
fbem-30511	75	1	the	the	DET
fbem-30511	75	2	maximum	maximum	ADJ
fbem-30511	75	3	value	value	NOUN
fbem-30511	75	4	of	of	ADP
fbem-30511	75	5	m&a	m&a	PROPN
fbem-30511	75	6	premiums	premium	NOUN
fbem-30511	75	7	is	be	AUX
fbem-30511	75	8	104.287	104.287	NUM
fbem-30511	75	9	,	,	PUNCT
fbem-30511	75	10	the	the	DET
fbem-30511	75	11	minimum	minimum	NOUN
fbem-30511	75	12	is	be	AUX
fbem-30511	75	13	0.002	0.002	NUM
fbem-30511	75	14	,	,	PUNCT
fbem-30511	75	15	the	the	DET
fbem-30511	75	16	average	average	NOUN
fbem-30511	75	17	is	be	AUX
fbem-30511	75	18	5.608	5.608	NUM
fbem-30511	75	19	,	,	PUNCT
fbem-30511	75	20	and	and	CCONJ
fbem-30511	75	21	the	the	DET
fbem-30511	75	22	standard	standard	ADJ
fbem-30511	75	23	deviation	deviation	NOUN
fbem-30511	75	24	is	be	AUX
fbem-30511	75	25	13.583	13.583	NUM
fbem-30511	75	26	,	,	PUNCT
fbem-30511	75	27	indicating	indicate	VERB
fbem-30511	75	28	significant	significant	ADJ
fbem-30511	75	29	data	datum	NOUN
fbem-30511	75	30	fluctuations	fluctuation	NOUN
fbem-30511	75	31	.	.	PUNCT
fbem-30511	76	1	at	at	ADP
fbem-30511	76	2	the	the	DET
fbem-30511	76	3	same	same	ADJ
fbem-30511	76	4	time	time	NOUN
fbem-30511	76	5	,	,	PUNCT
fbem-30511	76	6	the	the	DET
fbem-30511	76	7	average	average	ADJ
fbem-30511	76	8	value	value	NOUN
fbem-30511	76	9	of	of	ADP
fbem-30511	76	10	the	the	DET
fbem-30511	76	11	payment	payment	NOUN
fbem-30511	76	12	method	method	NOUN
fbem-30511	76	13	indicator	indicator	NOUN
fbem-30511	76	14	in	in	ADP
fbem-30511	76	15	m&a	m&a	PROPN
fbem-30511	76	16	is	be	AUX
fbem-30511	76	17	0.660	0.660	NUM
fbem-30511	76	18	,	,	PUNCT
fbem-30511	76	19	indicating	indicate	VERB
fbem-30511	76	20	that	that	SCONJ
fbem-30511	76	21	pure	pure	ADJ
fbem-30511	76	22	cash	cash	NOUN
fbem-30511	76	23	payments	payment	NOUN
fbem-30511	76	24	account	account	VERB
fbem-30511	76	25	for	for	ADP
fbem-30511	76	26	66	66	NUM
fbem-30511	76	27	%	%	NOUN
fbem-30511	76	28	,	,	PUNCT
fbem-30511	76	29	which	which	PRON
fbem-30511	76	30	is	be	AUX
fbem-30511	76	31	the	the	DET
fbem-30511	76	32	majority	majority	NOUN
fbem-30511	76	33	.	.	PUNCT
fbem-30511	77	1	this	this	PRON
fbem-30511	77	2	indirectly	indirectly	ADV
fbem-30511	77	3	confirms	confirm	VERB
fbem-30511	77	4	the	the	DET
fbem-30511	77	5	determination	determination	NOUN
fbem-30511	77	6	of	of	ADP
fbem-30511	77	7	acquiring	acquire	VERB
fbem-30511	77	8	companies	company	NOUN
fbem-30511	77	9	to	to	PART
fbem-30511	77	10	finish	finish	VERB
fbem-30511	77	11	m&a	m&a	PROPN
fbem-30511	77	12	deals	deal	NOUN
fbem-30511	77	13	.	.	PUNCT
fbem-30511	78	1	in	in	ADP
fbem-30511	78	2	contrast	contrast	NOUN
fbem-30511	78	3	,	,	PUNCT
fbem-30511	78	4	the	the	DET
fbem-30511	78	5	average	average	ADJ
fbem-30511	78	6	value	value	NOUN
fbem-30511	78	7	of	of	ADP
fbem-30511	78	8	related	related	ADJ
fbem-30511	78	9	deals	deal	NOUN
fbem-30511	78	10	in	in	ADP
fbem-30511	78	11	m&a	m&a	PROPN
fbem-30511	78	12	is	be	AUX
fbem-30511	78	13	0.147	0.147	NUM
fbem-30511	78	14	,	,	PUNCT
fbem-30511	78	15	indicating	indicate	VERB
fbem-30511	78	16	that	that	SCONJ
fbem-30511	78	17	there	there	PRON
fbem-30511	78	18	are	be	VERB
fbem-30511	78	19	not	not	PART
fbem-30511	78	20	many	many	ADJ
fbem-30511	78	21	related	relate	VERB
fbem-30511	78	22	transactions	transaction	NOUN
fbem-30511	78	23	in	in	ADP
fbem-30511	78	24	m&a	m&a	PROPN
fbem-30511	78	25	,	,	PUNCT
fbem-30511	78	26	accounting	account	VERB
fbem-30511	78	27	for	for	ADP
fbem-30511	78	28	only	only	ADV
fbem-30511	78	29	14.7	14.7	NUM
fbem-30511	78	30	%	%	NOUN
fbem-30511	78	31	of	of	ADP
fbem-30511	78	32	the	the	DET
fbem-30511	78	33	total	total	ADJ
fbem-30511	78	34	transactions	transaction	NOUN
fbem-30511	78	35	.	.	PUNCT
fbem-30511	79	1	this	this	DET
fbem-30511	79	2	further	far	ADV
fbem-30511	79	3	suggests	suggest	VERB
fbem-30511	79	4	that	that	SCONJ
fbem-30511	79	5	the	the	DET
fbem-30511	79	6	majority	majority	NOUN
fbem-30511	79	7	of	of	ADP
fbem-30511	79	8	acquiring	acquire	VERB
fbem-30511	79	9	companies	company	NOUN
fbem-30511	79	10	in	in	ADP
fbem-30511	79	11	m&a	m&a	PROPN
fbem-30511	79	12	are	be	AUX
fbem-30511	79	13	attempting	attempt	VERB
fbem-30511	79	14	to	to	PART
fbem-30511	79	15	achieve	achieve	VERB
fbem-30511	79	16	growth	growth	NOUN
fbem-30511	79	17	objectives	objective	NOUN
fbem-30511	79	18	such	such	ADJ
fbem-30511	79	19	as	as	ADP
fbem-30511	79	20	business	business	NOUN
fbem-30511	79	21	expansion	expansion	NOUN
fbem-30511	79	22	and	and	CCONJ
fbem-30511	79	23	entry	entry	NOUN
fbem-30511	79	24	into	into	ADP
fbem-30511	79	25	new	new	ADJ
fbem-30511	79	26	areas	area	NOUN
fbem-30511	79	27	.	.	PUNCT
fbem-30511	80	1	table	table	NOUN
fbem-30511	80	2	2	2	NUM
fbem-30511	80	3	.	.	PUNCT
fbem-30511	81	1	statistical	statistical	ADJ
fbem-30511	81	2	analysis	analysis	NOUN
fbem-30511	81	3	variable	variable	ADJ
fbem-30511	81	4	obs	obs	NOUN
fbem-30511	81	5	mean	mean	VERB
fbem-30511	81	6	std	std	PROPN
fbem-30511	81	7	.	.	PROPN
fbem-30511	82	1	dev	dev	PROPN
fbem-30511	82	2	.	.	PUNCT
fbem-30511	83	1	min	min	PROPN
fbem-30511	83	2	max	max	PROPN
fbem-30511	83	3	lev	lev	PROPN
fbem-30511	83	4	size	size	PROPN
fbem-30511	83	5	opr	opr	PROPN
fbem-30511	83	6	mer	mer	PROPN
fbem-30511	83	7	rde	rde	PROPN
fbem-30511	83	8	payment	payment	NOUN
fbem-30511	83	9	relateddeals	relateddeal	NOUN
fbem-30511	83	10	pr	pr	VERB
fbem-30511	83	11	2076	2076	NUM
fbem-30511	83	12	2076	2076	NUM
fbem-30511	83	13	2076	2076	NUM
fbem-30511	83	14	2076	2076	NUM
fbem-30511	83	15	2076	2076	NUM
fbem-30511	83	16	2076	2076	NUM
fbem-30511	83	17	2076	2076	NUM
fbem-30511	83	18	2076	2076	NUM
fbem-30511	83	19	0.449	0.449	NUM
fbem-30511	83	20	22.430	22.430	NUM
fbem-30511	83	21	0.274	0.274	NUM
fbem-30511	83	22	0.088	0.088	NUM
fbem-30511	83	23	0.038	0.038	NUM
fbem-30511	83	24	0.660	0.660	NUM
fbem-30511	83	25	0.147	0.147	NUM
fbem-30511	83	26	0.341	0.341	NUM
fbem-30511	83	27	0.189	0.189	NUM
fbem-30511	83	28	1.173	1.173	NUM
fbem-30511	83	29	0.162	0.162	NUM
fbem-30511	83	30	0.067	0.067	NUM
fbem-30511	83	31	0.042	0.042	NUM
fbem-30511	83	32	0.474	0.474	NUM
fbem-30511	83	33	0.354	0.354	NUM
fbem-30511	83	34	0.474	0.474	NUM
fbem-30511	83	35	0.069	0.069	NUM
fbem-30511	83	36	20.192	20.192	NUM
fbem-30511	83	37	0.015	0.015	NUM
fbem-30511	83	38	0.010	0.010	NUM
fbem-30511	83	39	0.0001	0.0001	NUM
fbem-30511	83	40	0	0	NUM
fbem-30511	83	41	0	0	NUM
fbem-30511	83	42	0	0	NUM
fbem-30511	83	43	0.908	0.908	NUM
fbem-30511	83	44	25.820	25.820	NUM
fbem-30511	83	45	0.802	0.802	NUM
fbem-30511	83	46	0.401	0.401	NUM
fbem-30511	83	47	0.275	0.275	NUM
fbem-30511	83	48	1	1	NUM
fbem-30511	83	49	1	1	NUM
fbem-30511	83	50	1	1	NUM
fbem-30511	83	51	tobinq	tobinq	NOUN
fbem-30511	83	52	2076	2076	NUM
fbem-30511	83	53	2.047	2.047	NUM
fbem-30511	83	54	1.254	1.254	NUM
fbem-30511	83	55	0.857	0.857	NUM
fbem-30511	83	56	8.020	8.020	NUM
fbem-30511	83	57	pre	pre	X
fbem-30511	83	58	2076	2076	NUM
fbem-30511	83	59	5.608	5.608	NUM
fbem-30511	83	60	13.583	13.583	NUM
fbem-30511	83	61	0.002	0.002	NUM
fbem-30511	83	62	104.287	104.287	NUM
fbem-30511	83	63	4.2	4.2	NUM
fbem-30511	83	64	.	.	PUNCT
fbem-30511	84	1	baseline	baseline	PROPN
fbem-30511	84	2	regression	regression	NOUN
fbem-30511	84	3	analysis	analysis	NOUN
fbem-30511	84	4	this	this	DET
fbem-30511	84	5	paper	paper	NOUN
fbem-30511	84	6	conducts	conduct	NOUN
fbem-30511	84	7	regression	regression	VERB
fbem-30511	84	8	analysis	analysis	NOUN
fbem-30511	84	9	using	use	VERB
fbem-30511	84	10	stata	stata	NOUN
fbem-30511	84	11	16	16	NUM
fbem-30511	84	12	for	for	ADP
fbem-30511	84	13	the	the	DET
fbem-30511	84	14	model	model	NOUN
fbem-30511	84	15	established	establish	VERB
fbem-30511	84	16	in	in	ADP
fbem-30511	84	17	this	this	DET
fbem-30511	84	18	study	study	NOUN
fbem-30511	84	19	.	.	PUNCT
fbem-30511	85	1	the	the	DET
fbem-30511	85	2	regression	regression	NOUN
fbem-30511	85	3	results	result	NOUN
fbem-30511	85	4	are	be	AUX
fbem-30511	85	5	presented	present	VERB
fbem-30511	85	6	in	in	ADP
fbem-30511	85	7	columns	column	NOUN
fbem-30511	85	8	(	(	PUNCT
fbem-30511	85	9	1	1	NUM
fbem-30511	85	10	)	)	PUNCT
fbem-30511	85	11	and	and	CCONJ
fbem-30511	85	12	(	(	PUNCT
fbem-30511	85	13	2	2	X
fbem-30511	85	14	)	)	PUNCT
fbem-30511	85	15	of	of	ADP
fbem-30511	85	16	table	table	NOUN
fbem-30511	85	17	3	3	NUM
fbem-30511	85	18	.	.	PUNCT
fbem-30511	85	19	column	column	NOUN
fbem-30511	85	20	(	(	PUNCT
fbem-30511	85	21	1	1	X
fbem-30511	85	22	)	)	PUNCT
fbem-30511	85	23	represents	represent	VERB
fbem-30511	85	24	the	the	DET
fbem-30511	85	25	regression	regression	NOUN
fbem-30511	85	26	results	result	NOUN
fbem-30511	85	27	without	without	ADP
fbem-30511	85	28	the	the	DET
fbem-30511	85	29	inclusion	inclusion	NOUN
fbem-30511	85	30	of	of	ADP
fbem-30511	85	31	control	control	NOUN
fbem-30511	85	32	variables	variable	NOUN
fbem-30511	85	33	,	,	PUNCT
fbem-30511	85	34	while	while	SCONJ
fbem-30511	85	35	column	column	NOUN
fbem-30511	85	36	(	(	PUNCT
fbem-30511	85	37	2	2	NUM
fbem-30511	85	38	)	)	PUNCT
fbem-30511	85	39	represents	represent	VERB
fbem-30511	85	40	the	the	DET
fbem-30511	85	41	results	result	NOUN
fbem-30511	85	42	after	after	ADP
fbem-30511	85	43	including	include	VERB
fbem-30511	85	44	control	control	NOUN
fbem-30511	85	45	variables	variable	NOUN
fbem-30511	85	46	.	.	PUNCT
fbem-30511	86	1	in	in	ADP
fbem-30511	86	2	the	the	DET
fbem-30511	86	3	model	model	NOUN
fbem-30511	86	4	without	without	ADP
fbem-30511	86	5	control	control	NOUN
fbem-30511	86	6	variables	variable	NOUN
fbem-30511	86	7	,	,	PUNCT
fbem-30511	86	8	there	there	PRON
fbem-30511	86	9	is	be	VERB
fbem-30511	86	10	a	a	DET
fbem-30511	86	11	significant	significant	ADJ
fbem-30511	86	12	positive	positive	ADJ
fbem-30511	86	13	correlation	correlation	NOUN
fbem-30511	86	14	between	between	ADP
fbem-30511	86	15	m&a	m&a	PROPN
fbem-30511	86	16	premiums	premium	NOUN
fbem-30511	86	17	and	and	CCONJ
fbem-30511	86	18	corporate	corporate	ADJ
fbem-30511	86	19	growth	growth	NOUN
fbem-30511	86	20	at	at	ADP
fbem-30511	86	21	the	the	DET
fbem-30511	86	22	1	1	NUM
fbem-30511	86	23	%	%	NOUN
fbem-30511	86	24	significance	significance	NOUN
fbem-30511	86	25	level	level	NOUN
fbem-30511	86	26	.	.	PUNCT
fbem-30511	87	1	the	the	DET
fbem-30511	87	2	regression	regression	NOUN
fbem-30511	87	3	coefficient	coefficient	NOUN
fbem-30511	87	4	for	for	ADP
fbem-30511	87	5	m&a	m&a	PROPN
fbem-30511	87	6	premiums	premium	NOUN
fbem-30511	87	7	is	be	AUX
fbem-30511	87	8	0.006	0.006	NUM
fbem-30511	87	9	,	,	PUNCT
fbem-30511	87	10	indicating	indicate	VERB
fbem-30511	87	11	that	that	SCONJ
fbem-30511	87	12	for	for	ADP
fbem-30511	87	13	every	every	DET
fbem-30511	87	14	1	1	NUM
fbem-30511	87	15	unit	unit	NOUN
fbem-30511	87	16	increase	increase	NOUN
fbem-30511	87	17	in	in	ADP
fbem-30511	87	18	m&a	m&a	PROPN
fbem-30511	87	19	premiums	premium	NOUN
fbem-30511	87	20	,	,	PUNCT
fbem-30511	87	21	corporate	corporate	ADJ
fbem-30511	87	22	growth	growth	NOUN
fbem-30511	87	23	will	will	AUX
fbem-30511	87	24	increase	increase	VERB
fbem-30511	87	25	by	by	ADP
fbem-30511	87	26	approximately	approximately	ADV
fbem-30511	87	27	0.006	0.006	NUM
fbem-30511	87	28	units	unit	NOUN
fbem-30511	87	29	.	.	PUNCT
fbem-30511	88	1	in	in	ADP
fbem-30511	88	2	the	the	DET
fbem-30511	88	3	model	model	NOUN
fbem-30511	88	4	with	with	ADP
fbem-30511	88	5	control	control	NOUN
fbem-30511	88	6	variables	variable	NOUN
fbem-30511	88	7	,	,	PUNCT
fbem-30511	88	8	the	the	DET
fbem-30511	88	9	relation	relation	NOUN
fbem-30511	88	10	is	be	AUX
fbem-30511	88	11	still	still	ADV
fbem-30511	88	12	positive	positive	ADJ
fbem-30511	88	13	.	.	PUNCT
fbem-30511	89	1	the	the	DET
fbem-30511	89	2	regression	regression	NOUN
fbem-30511	89	3	coefficient	coefficient	NOUN
fbem-30511	89	4	for	for	ADP
fbem-30511	89	5	m&a	m&a	PROPN
fbem-30511	89	6	premiums	premium	NOUN
fbem-30511	89	7	is	be	AUX
fbem-30511	89	8	0.005	0.005	NUM
fbem-30511	89	9	,	,	PUNCT
fbem-30511	89	10	indicating	indicate	VERB
fbem-30511	89	11	that	that	SCONJ
fbem-30511	89	12	for	for	ADP
fbem-30511	89	13	every	every	DET
fbem-30511	89	14	1	1	NUM
fbem-30511	89	15	unit	unit	NOUN
fbem-30511	89	16	increase	increase	NOUN
fbem-30511	89	17	in	in	ADP
fbem-30511	89	18	m&a	m&a	PROPN
fbem-30511	89	19	premiums	premium	NOUN
fbem-30511	89	20	,	,	PUNCT
fbem-30511	89	21	corporate	corporate	ADJ
fbem-30511	89	22	growth	growth	NOUN
fbem-30511	89	23	will	will	AUX
fbem-30511	89	24	increase	increase	VERB
fbem-30511	89	25	by	by	ADP
fbem-30511	89	26	approximately	approximately	ADV
fbem-30511	89	27	0.005	0.005	NUM
fbem-30511	89	28	units	unit	NOUN
fbem-30511	89	29	.	.	PUNCT
fbem-30511	90	1	this	this	PRON
fbem-30511	90	2	suggests	suggest	VERB
fbem-30511	90	3	that	that	SCONJ
fbem-30511	90	4	premiums	premium	NOUN
fbem-30511	90	5	m&a	m&a	PROPN
fbem-30511	90	6	behavior	behavior	NOUN
fbem-30511	90	7	can	can	AUX
fbem-30511	90	8	significantly	significantly	ADV
fbem-30511	90	9	impact	impact	VERB
fbem-30511	90	10	the	the	DET
fbem-30511	90	11	corporate	corporate	ADJ
fbem-30511	90	12	growth	growth	NOUN
fbem-30511	90	13	of	of	ADP
fbem-30511	90	14	acquiring	acquire	VERB
fbem-30511	90	15	companies	company	NOUN
fbem-30511	90	16	and	and	CCONJ
fbem-30511	90	17	has	have	VERB
fbem-30511	90	18	a	a	DET
fbem-30511	90	19	promoting	promote	VERB
fbem-30511	90	20	effect	effect	NOUN
fbem-30511	90	21	on	on	ADP
fbem-30511	90	22	corporate	corporate	ADJ
fbem-30511	90	23	growth	growth	NOUN
fbem-30511	90	24	.	.	PUNCT
fbem-30511	91	1	therefore	therefore	ADV
fbem-30511	91	2	,	,	PUNCT
fbem-30511	91	3	hypothsis	hypothsis	NOUN
fbem-30511	91	4	1	1	NUM
fbem-30511	91	5	is	be	AUX
fbem-30511	91	6	proved	prove	VERB
fbem-30511	91	7	.	.	PUNCT
fbem-30511	92	1	table	table	NOUN
fbem-30511	92	2	3	3	NUM
fbem-30511	92	3	.	.	X
fbem-30511	93	1	regression	regression	VERB
fbem-30511	93	2	analysis	analysis	NOUN
fbem-30511	93	3	(	(	PUNCT
fbem-30511	93	4	1	1	NUM
fbem-30511	93	5	)	)	PUNCT
fbem-30511	93	6	(	(	PUNCT
fbem-30511	93	7	2	2	X
fbem-30511	93	8	)	)	PUNCT
fbem-30511	93	9	variables	variable	VERB
fbem-30511	93	10	tobinq	tobinq	PROPN
fbem-30511	93	11	tobinq	tobinq	NOUN
fbem-30511	93	12	pre	pre	VERB
fbem-30511	93	13	0.006	0.006	NUM
fbem-30511	93	14	*	*	PUNCT
fbem-30511	93	15	*	*	PUNCT
fbem-30511	93	16	*	*	NOUN
fbem-30511	93	17	0.005	0.005	NUM
fbem-30511	93	18	*	*	PUNCT
fbem-30511	93	19	*	*	PUNCT
fbem-30511	93	20	*	*	PUNCT
fbem-30511	93	21	(	(	PUNCT
fbem-30511	93	22	3.34	3.34	NUM
fbem-30511	93	23	)	)	PUNCT
fbem-30511	93	24	(	(	PUNCT
fbem-30511	93	25	2.96	2.96	NUM
fbem-30511	93	26	)	)	PUNCT
fbem-30511	93	27	lev	lev	NOUN
fbem-30511	93	28	0.103	0.103	NUM
fbem-30511	93	29	(	(	PUNCT
fbem-30511	93	30	0.65	0.65	NUM
fbem-30511	93	31	)	)	PUNCT
fbem-30511	93	32	size	size	NOUN
fbem-30511	93	33	-0.395	-0.395	PROPN
fbem-30511	93	34	*	*	PUNCT
fbem-30511	93	35	*	*	PUNCT
fbem-30511	93	36	*	*	PUNCT
fbem-30511	93	37	(	(	PUNCT
fbem-30511	93	38	-15.34	-15.34	PROPN
fbem-30511	93	39	)	)	PUNCT
fbem-30511	93	40	opr	opr	NOUN
fbem-30511	94	1	1.043	1.043	NUM
fbem-30511	94	2	*	*	PUNCT
fbem-30511	94	3	*	*	PUNCT
fbem-30511	94	4	*	*	PUNCT
fbem-30511	94	5	(	(	PUNCT
fbem-30511	94	6	4.83	4.83	NUM
fbem-30511	94	7	)	)	PUNCT
fbem-30511	94	8	mer	mer	NOUN
fbem-30511	94	9	0.976	0.976	NUM
fbem-30511	94	10	*	*	PUNCT
fbem-30511	94	11	*	*	PUNCT
fbem-30511	94	12	(	(	PUNCT
fbem-30511	94	13	1.98	1.98	NUM
fbem-30511	94	14	)	)	PUNCT
fbem-30511	94	15	rde	rde	VERB
fbem-30511	94	16	1.805	1.805	NUM
fbem-30511	94	17	*	*	NOUN
fbem-30511	94	18	*	*	PUNCT
fbem-30511	94	19	(	(	PUNCT
fbem-30511	94	20	2.19	2.19	NUM
fbem-30511	94	21	)	)	PUNCT
fbem-30511	94	22	payment	payment	NOUN
fbem-30511	94	23	-0.115	-0.115	NOUN
fbem-30511	94	24	*	*	PUNCT
fbem-30511	94	25	*	*	PUNCT
fbem-30511	94	26	(	(	PUNCT
fbem-30511	94	27	-2.29	-2.29	NOUN
fbem-30511	94	28	)	)	PUNCT
fbem-30511	94	29	relateddeals	relateddeal	NOUN
fbem-30511	94	30	0.069	0.069	NUM
fbem-30511	94	31	(	(	PUNCT
fbem-30511	94	32	1.06	1.06	NUM
fbem-30511	94	33	)	)	PUNCT
fbem-30511	94	34	pr	pr	VERB
fbem-30511	94	35	0.122	0.122	NUM
fbem-30511	94	36	*	*	SYM
fbem-30511	94	37	*	*	PUNCT
fbem-30511	94	38	(	(	PUNCT
fbem-30511	94	39	2.20	2.20	NUM
fbem-30511	94	40	)	)	PUNCT
fbem-30511	94	41	constant	constant	ADJ
fbem-30511	94	42	1.854	1.854	NUM
fbem-30511	94	43	*	*	PUNCT
fbem-30511	94	44	*	*	PUNCT
fbem-30511	94	45	*	*	PUNCT
fbem-30511	94	46	9.906	9.906	NUM
fbem-30511	94	47	*	*	PUNCT
fbem-30511	94	48	*	*	PUNCT
fbem-30511	94	49	*	*	PUNCT
fbem-30511	94	50	(	(	PUNCT
fbem-30511	94	51	4.26	4.26	NUM
fbem-30511	94	52	)	)	PUNCT
fbem-30511	94	53	(	(	PUNCT
fbem-30511	94	54	15.00	15.00	NUM
fbem-30511	94	55	)	)	PUNCT
fbem-30511	94	56	industry	industry	NOUN
fbem-30511	95	1	yes	yes	INTJ
fbem-30511	95	2	yes	yes	INTJ
fbem-30511	96	1	year	year	NOUN
fbem-30511	97	1	yes	yes	INTJ
fbem-30511	97	2	yes	yes	INTJ
fbem-30511	97	3	observations	observation	NOUN
fbem-30511	97	4	2,076	2,076	NUM
fbem-30511	97	5	2,076	2,076	NUM
fbem-30511	97	6	r	r	NOUN
fbem-30511	97	7	-	-	PUNCT
fbem-30511	97	8	squared	square	VERB
fbem-30511	97	9	0.250	0.250	NUM
fbem-30511	97	10	0.384	0.384	NUM
fbem-30511	97	11	note	note	NOUN
fbem-30511	97	12	:	:	PUNCT
fbem-30511	97	13	*	*	PUNCT
fbem-30511	97	14	*	*	PUNCT
fbem-30511	97	15	*	*	PUNCT
fbem-30511	97	16	,	,	PUNCT
fbem-30511	97	17	*	*	PUNCT
fbem-30511	97	18	*	*	PUNCT
fbem-30511	97	19	,	,	PUNCT
fbem-30511	97	20	*	*	PUNCT
fbem-30511	97	21	represent	represent	VERB
fbem-30511	97	22	significance	significance	NOUN
fbem-30511	97	23	at	at	ADP
fbem-30511	97	24	the	the	DET
fbem-30511	97	25	1	1	NUM
fbem-30511	97	26	%	%	NOUN
fbem-30511	97	27	,	,	PUNCT
fbem-30511	97	28	5	5	NUM
fbem-30511	97	29	%	%	NOUN
fbem-30511	97	30	,	,	PUNCT
fbem-30511	97	31	10	10	NUM
fbem-30511	97	32	%	%	NOUN
fbem-30511	97	33	levels	level	NOUN
fbem-30511	97	34	respectively	respectively	ADV
fbem-30511	97	35	,	,	PUNCT
fbem-30511	97	36	with	with	ADP
fbem-30511	97	37	t	t	NOUN
fbem-30511	97	38	-	-	PUNCT
fbem-30511	97	39	values	value	NOUN
fbem-30511	97	40	in	in	ADP
fbem-30511	97	41	parentheses	parenthesis	NOUN
fbem-30511	97	42	.	.	PUNCT
fbem-30511	98	1	additionally	additionally	ADV
fbem-30511	98	2	,	,	PUNCT
fbem-30511	98	3	control	control	NOUN
fbem-30511	98	4	variables	variable	NOUN
fbem-30511	98	5	that	that	PRON
fbem-30511	98	6	influence	influence	VERB
fbem-30511	98	7	corporate	corporate	ADJ
fbem-30511	98	8	growth	growth	NOUN
fbem-30511	98	9	are	be	AUX
fbem-30511	98	10	included	include	VERB
fbem-30511	98	11	in	in	ADP
fbem-30511	98	12	regressions	regression	NOUN
fbem-30511	98	13	.	.	PUNCT
fbem-30511	99	1	among	among	ADP
fbem-30511	99	2	these	these	DET
fbem-30511	99	3	variables	variable	NOUN
fbem-30511	99	4	,	,	PUNCT
fbem-30511	99	5	larger	large	ADJ
fbem-30511	99	6	companies	company	NOUN
fbem-30511	99	7	(	(	PUNCT
fbem-30511	99	8	size	size	NOUN
fbem-30511	99	9	)	)	PUNCT
fbem-30511	99	10	tend	tend	VERB
fbem-30511	99	11	to	to	PART
fbem-30511	99	12	have	have	VERB
fbem-30511	99	13	slower	slow	ADJ
fbem-30511	99	14	growth	growth	NOUN
fbem-30511	99	15	.	.	PUNCT
fbem-30511	100	1	companies	company	NOUN
fbem-30511	100	2	with	with	ADP
fbem-30511	100	3	higher	high	ADJ
fbem-30511	100	4	operating	operating	NOUN
fbem-30511	100	5	profit	profit	NOUN
fbem-30511	100	6	margins	margin	NOUN
fbem-30511	100	7	(	(	PUNCT
fbem-30511	100	8	opr	opr	NOUN
fbem-30511	100	9	)	)	PUNCT
fbem-30511	100	10	tend	tend	VERB
fbem-30511	100	11	to	to	PART
fbem-30511	100	12	exhibit	exhibit	VERB
fbem-30511	100	13	better	well	ADJ
fbem-30511	100	14	growth	growth	NOUN
fbem-30511	100	15	prospects	prospect	NOUN
fbem-30511	100	16	.	.	PUNCT
fbem-30511	101	1	corporate	corporate	ADJ
fbem-30511	101	2	growth	growth	NOUN
fbem-30511	101	3	is	be	AUX
fbem-30511	101	4	also	also	ADV
fbem-30511	101	5	influenced	influence	VERB
fbem-30511	101	6	by	by	ADP
fbem-30511	101	7	management	management	NOUN
fbem-30511	101	8	level	level	NOUN
fbem-30511	101	9	(	(	PUNCT
fbem-30511	101	10	mer	mer	NOUN
fbem-30511	101	11	)	)	PUNCT
fbem-30511	101	12	and	and	CCONJ
fbem-30511	101	13	research	research	NOUN
fbem-30511	101	14	and	and	CCONJ
fbem-30511	101	15	development	development	NOUN
fbem-30511	101	16	expenditure	expenditure	NOUN
fbem-30511	101	17	(	(	PUNCT
fbem-30511	101	18	rde	rde	PROPN
fbem-30511	101	19	)	)	PUNCT
fbem-30511	101	20	,	,	PUNCT
fbem-30511	101	21	where	where	SCONJ
fbem-30511	101	22	higher	high	ADJ
fbem-30511	101	23	management	management	NOUN
fbem-30511	101	24	levels	level	NOUN
fbem-30511	101	25	are	be	AUX
fbem-30511	101	26	associated	associate	VERB
fbem-30511	101	27	with	with	ADP
fbem-30511	101	28	better	well	ADJ
fbem-30511	101	29	corporate	corporate	ADJ
fbem-30511	101	30	growth	growth	NOUN
fbem-30511	101	31	,	,	PUNCT
fbem-30511	101	32	and	and	CCONJ
fbem-30511	101	33	higher	high	ADJ
fbem-30511	101	34	r&d	r&d	NOUN
fbem-30511	101	35	investment	investment	NOUN
fbem-30511	101	36	reflects	reflect	VERB
fbem-30511	101	37	a	a	DET
fbem-30511	101	38	greater	great	ADJ
fbem-30511	101	39	emphasis	emphasis	NOUN
fbem-30511	101	40	on	on	ADP
fbem-30511	101	41	technological	technological	ADJ
fbem-30511	101	42	innovation	innovation	NOUN
fbem-30511	101	43	,	,	PUNCT
fbem-30511	101	44	resulting	result	VERB
fbem-30511	101	45	in	in	ADP
fbem-30511	101	46	better	well	ADJ
fbem-30511	101	47	growth	growth	NOUN
fbem-30511	101	48	performance	performance	NOUN
fbem-30511	101	49	.	.	PUNCT
fbem-30511	102	1	meanwhile	meanwhile	ADV
fbem-30511	102	2	,	,	PUNCT
fbem-30511	102	3	the	the	DET
fbem-30511	102	4	method	method	NOUN
fbem-30511	102	5	of	of	ADP
fbem-30511	102	6	payment	payment	NOUN
fbem-30511	102	7	for	for	ADP
fbem-30511	102	8	mergers	merger	NOUN
fbem-30511	102	9	and	and	CCONJ
fbem-30511	102	10	acquisitions	acquisition	NOUN
fbem-30511	102	11	(	(	PUNCT
fbem-30511	102	12	payment	payment	NOUN
fbem-30511	102	13	)	)	PUNCT
fbem-30511	102	14	and	and	CCONJ
fbem-30511	102	15	the	the	DET
fbem-30511	102	16	nature	nature	NOUN
fbem-30511	102	17	of	of	ADP
fbem-30511	102	18	property	property	NOUN
fbem-30511	102	19	rights	right	NOUN
fbem-30511	102	20	(	(	PUNCT
fbem-30511	102	21	pr	pr	NOUN
fbem-30511	102	22	)	)	PUNCT
fbem-30511	102	23	also	also	ADV
fbem-30511	102	24	affects	affect	VERB
fbem-30511	102	25	corporate	corporate	ADJ
fbem-30511	102	26	growth	growth	NOUN
fbem-30511	102	27	.	.	PUNCT
fbem-30511	103	1	4.3	4.3	NUM
fbem-30511	103	2	.	.	PUNCT
fbem-30511	104	1	robustness	robustness	NOUN
fbem-30511	104	2	checks	check	NOUN
fbem-30511	104	3	4.3.1	4.3.1	NUM
fbem-30511	104	4	.	.	PUNCT
fbem-30511	105	1	variable	variable	ADJ
fbem-30511	105	2	replacement	replacement	NOUN
fbem-30511	105	3	to	to	PART
fbem-30511	105	4	avoid	avoid	VERB
fbem-30511	105	5	potential	potential	ADJ
fbem-30511	105	6	measurement	measurement	NOUN
fbem-30511	105	7	errors	error	NOUN
fbem-30511	105	8	,	,	PUNCT
fbem-30511	105	9	this	this	DET
fbem-30511	105	10	paper	paper	NOUN
fbem-30511	105	11	conducted	conduct	VERB
fbem-30511	105	12	a	a	DET
fbem-30511	105	13	robustness	robustness	NOUN
fbem-30511	105	14	test	test	NOUN
fbem-30511	105	15	by	by	ADP
fbem-30511	105	16	replacing	replace	VERB
fbem-30511	105	17	the	the	DET
fbem-30511	105	18	independent	independent	ADJ
fbem-30511	105	19	variable	variable	NOUN
fbem-30511	105	20	.	.	PUNCT
fbem-30511	106	1	following	follow	VERB
fbem-30511	106	2	the	the	DET
fbem-30511	106	3	approach	approach	NOUN
fbem-30511	106	4	of	of	ADP
fbem-30511	106	5	wang	wang	PROPN
fbem-30511	106	6	et	et	PROPN
fbem-30511	106	7	al	al	PROPN
fbem-30511	106	8	.	.	PROPN
fbem-30511	107	1	(	(	PUNCT
fbem-30511	107	2	2023	2023	NUM
fbem-30511	107	3	)	)	PUNCT
fbem-30511	107	4	,	,	PUNCT
fbem-30511	107	5	83	83	NUM
fbem-30511	107	6	outprice	outprice	NOUN
fbem-30511	107	7	is	be	AUX
fbem-30511	107	8	used	use	VERB
fbem-30511	107	9	as	as	ADP
fbem-30511	107	10	a	a	DET
fbem-30511	107	11	proxy	proxy	NOUN
fbem-30511	107	12	variable	variable	NOUN
fbem-30511	107	13	for	for	ADP
fbem-30511	107	14	m&a	m&a	PROPN
fbem-30511	107	15	premiums	premium	NOUN
fbem-30511	107	16	in	in	ADP
fbem-30511	107	17	this	this	DET
fbem-30511	107	18	paper	paper	NOUN
fbem-30511	107	19	,	,	PUNCT
fbem-30511	107	20	the	the	DET
fbem-30511	107	21	calculation	calculation	NOUN
fbem-30511	107	22	formula	formula	NOUN
fbem-30511	107	23	for	for	ADP
fbem-30511	107	24	the	the	DET
fbem-30511	107	25	outprice	outprice	ADJ
fbem-30511	107	26	indicator	indicator	NOUN
fbem-30511	107	27	is	be	AUX
fbem-30511	107	28	:	:	PUNCT
fbem-30511	107	29	outprice=	outprice=	NUM
fbem-30511	107	30	(	(	PUNCT
fbem-30511	107	31	total	total	ADJ
fbem-30511	107	32	transaction	transaction	NOUN
fbem-30511	107	33	value	value	NOUN
fbem-30511	107	34	net	net	ADJ
fbem-30511	107	35	assets	asset	NOUN
fbem-30511	107	36	of	of	ADP
fbem-30511	107	37	the	the	DET
fbem-30511	107	38	target	target	NOUN
fbem-30511	107	39	×	×	NOUN
fbem-30511	107	40	transfer	transfer	NOUN
fbem-30511	107	41	ratio	ratio	NOUN
fbem-30511	107	42	)	)	PUNCT
fbem-30511	107	43	/	/	PUNCT
fbem-30511	107	44	(	(	PUNCT
fbem-30511	107	45	net	net	ADJ
fbem-30511	107	46	assets	asset	NOUN
fbem-30511	107	47	of	of	ADP
fbem-30511	107	48	the	the	DET
fbem-30511	107	49	target	target	NOUN
fbem-30511	107	50	×	×	NOUN
fbem-30511	107	51	transfer	transfer	NOUN
fbem-30511	107	52	ratio	ratio	NOUN
fbem-30511	107	53	)	)	PUNCT
fbem-30511	107	54	.	.	PUNCT
fbem-30511	108	1	then	then	ADV
fbem-30511	108	2	,	,	PUNCT
fbem-30511	108	3	outprice	outprice	PROPN
fbem-30511	108	4	was	be	AUX
fbem-30511	108	5	added	add	VERB
fbem-30511	108	6	to	to	ADP
fbem-30511	108	7	model	model	NOUN
fbem-30511	108	8	(	(	PUNCT
fbem-30511	108	9	1	1	NUM
fbem-30511	108	10	)	)	PUNCT
fbem-30511	108	11	and	and	CCONJ
fbem-30511	108	12	multiple	multiple	ADJ
fbem-30511	108	13	regression	regression	NOUN
fbem-30511	108	14	was	be	AUX
fbem-30511	108	15	performed	perform	VERB
fbem-30511	108	16	again	again	ADV
fbem-30511	108	17	.	.	PUNCT
fbem-30511	109	1	the	the	DET
fbem-30511	109	2	regression	regression	NOUN
fbem-30511	109	3	results	result	NOUN
fbem-30511	109	4	are	be	AUX
fbem-30511	109	5	shown	show	VERB
fbem-30511	109	6	in	in	ADP
fbem-30511	109	7	table	table	NOUN
fbem-30511	109	8	4	4	NUM
fbem-30511	109	9	,	,	PUNCT
fbem-30511	109	10	column	column	NOUN
fbem-30511	109	11	(	(	PUNCT
fbem-30511	109	12	1	1	NUM
fbem-30511	109	13	)	)	PUNCT
fbem-30511	109	14	.	.	PUNCT
fbem-30511	110	1	the	the	DET
fbem-30511	110	2	estimated	estimate	VERB
fbem-30511	110	3	coefficient	coefficient	NOUN
fbem-30511	110	4	for	for	ADP
fbem-30511	110	5	outprice	outprice	NOUN
fbem-30511	110	6	is	be	AUX
fbem-30511	110	7	significantly	significantly	ADV
fbem-30511	110	8	positive	positive	ADJ
fbem-30511	110	9	,	,	PUNCT
fbem-30511	110	10	indicating	indicate	VERB
fbem-30511	110	11	a	a	DET
fbem-30511	110	12	significant	significant	ADJ
fbem-30511	110	13	positive	positive	ADJ
fbem-30511	110	14	correlation	correlation	NOUN
fbem-30511	110	15	between	between	ADP
fbem-30511	110	16	m&a	m&a	PROPN
fbem-30511	110	17	premiums	premium	NOUN
fbem-30511	110	18	and	and	CCONJ
fbem-30511	110	19	corporate	corporate	ADJ
fbem-30511	110	20	growth	growth	NOUN
fbem-30511	110	21	.	.	PUNCT
fbem-30511	111	1	therefore	therefore	ADV
fbem-30511	111	2	,	,	PUNCT
fbem-30511	111	3	the	the	DET
fbem-30511	111	4	original	original	ADJ
fbem-30511	111	5	hypothesis	hypothesis	NOUN
fbem-30511	111	6	h1	h1	NOUN
fbem-30511	111	7	in	in	ADP
fbem-30511	111	8	this	this	DET
fbem-30511	111	9	paper	paper	NOUN
fbem-30511	111	10	still	still	ADV
fbem-30511	111	11	holds	hold	VERB
fbem-30511	111	12	.	.	PUNCT
fbem-30511	112	1	4.3.2	4.3.2	X
fbem-30511	112	2	.	.	PUNCT
fbem-30511	112	3	subsample	subsample	ADJ
fbem-30511	112	4	regression	regression	VERB
fbem-30511	112	5	the	the	DET
fbem-30511	112	6	covid-19	covid-19	PROPN
fbem-30511	112	7	pandemic	pandemic	NOUN
fbem-30511	112	8	had	have	VERB
fbem-30511	112	9	a	a	DET
fbem-30511	112	10	significant	significant	ADJ
fbem-30511	112	11	impact	impact	NOUN
fbem-30511	112	12	on	on	ADP
fbem-30511	112	13	global	global	ADJ
fbem-30511	112	14	capital	capital	NOUN
fbem-30511	112	15	markets	market	NOUN
fbem-30511	112	16	,	,	PUNCT
fbem-30511	112	17	causing	cause	VERB
fbem-30511	112	18	stock	stock	NOUN
fbem-30511	112	19	market	market	NOUN
fbem-30511	112	20	volatility	volatility	NOUN
fbem-30511	112	21	and	and	CCONJ
fbem-30511	112	22	affecting	affect	VERB
fbem-30511	112	23	investor	investor	NOUN
fbem-30511	112	24	risk	risk	NOUN
fbem-30511	112	25	preferences	preference	NOUN
fbem-30511	112	26	and	and	CCONJ
fbem-30511	112	27	confidence	confidence	NOUN
fbem-30511	112	28	.	.	PUNCT
fbem-30511	113	1	to	to	PART
fbem-30511	113	2	mitigate	mitigate	VERB
fbem-30511	113	3	the	the	DET
fbem-30511	113	4	potential	potential	ADJ
fbem-30511	113	5	influence	influence	NOUN
fbem-30511	113	6	of	of	ADP
fbem-30511	113	7	external	external	ADJ
fbem-30511	113	8	economic	economic	ADJ
fbem-30511	113	9	factors	factor	NOUN
fbem-30511	113	10	on	on	ADP
fbem-30511	113	11	the	the	DET
fbem-30511	113	12	empirical	empirical	ADJ
fbem-30511	113	13	results	result	NOUN
fbem-30511	113	14	,	,	PUNCT
fbem-30511	113	15	this	this	DET
fbem-30511	113	16	paper	paper	NOUN
fbem-30511	113	17	follows	follow	VERB
fbem-30511	113	18	the	the	DET
fbem-30511	113	19	approach	approach	NOUN
fbem-30511	113	20	of	of	ADP
fbem-30511	113	21	wang	wang	PROPN
fbem-30511	113	22	and	and	CCONJ
fbem-30511	113	23	liu	liu	PROPN
fbem-30511	113	24	(	(	PUNCT
fbem-30511	113	25	2023	2023	NUM
fbem-30511	113	26	)	)	PUNCT
fbem-30511	113	27	by	by	ADP
fbem-30511	113	28	excluding	exclude	VERB
fbem-30511	113	29	samples	sample	NOUN
fbem-30511	113	30	from	from	ADP
fbem-30511	113	31	2019	2019	NUM
fbem-30511	113	32	to	to	ADP
fbem-30511	113	33	2021	2021	NUM
fbem-30511	113	34	and	and	CCONJ
fbem-30511	113	35	conducting	conduct	VERB
fbem-30511	113	36	a	a	DET
fbem-30511	113	37	regression	regression	NOUN
fbem-30511	113	38	analysis	analysis	NOUN
fbem-30511	113	39	again	again	ADV
fbem-30511	113	40	.	.	PUNCT
fbem-30511	114	1	the	the	DET
fbem-30511	114	2	regression	regression	NOUN
fbem-30511	114	3	results	result	NOUN
fbem-30511	114	4	are	be	AUX
fbem-30511	114	5	shown	show	VERB
fbem-30511	114	6	in	in	ADP
fbem-30511	114	7	table	table	NOUN
fbem-30511	114	8	4	4	NUM
fbem-30511	114	9	,	,	PUNCT
fbem-30511	114	10	column	column	NOUN
fbem-30511	114	11	(	(	PUNCT
fbem-30511	114	12	2	2	NUM
fbem-30511	114	13	)	)	PUNCT
fbem-30511	114	14	,	,	PUNCT
fbem-30511	114	15	where	where	SCONJ
fbem-30511	114	16	m&a	m&a	PROPN
fbem-30511	114	17	premiumis	premiumis	PROPN
fbem-30511	114	18	still	still	ADV
fbem-30511	114	19	significantly	significantly	ADV
fbem-30511	114	20	correlated	correlate	VERB
fbem-30511	114	21	with	with	ADP
fbem-30511	114	22	corporate	corporate	ADJ
fbem-30511	114	23	growth	growth	NOUN
fbem-30511	114	24	.	.	PUNCT
fbem-30511	115	1	this	this	PRON
fbem-30511	115	2	demonstrates	demonstrate	VERB
fbem-30511	115	3	the	the	DET
fbem-30511	115	4	robustness	robustness	NOUN
fbem-30511	115	5	of	of	ADP
fbem-30511	115	6	the	the	DET
fbem-30511	115	7	research	research	NOUN
fbem-30511	115	8	results	result	NOUN
fbem-30511	115	9	.	.	PUNCT
fbem-30511	116	1	4.3.3	4.3.3	X
fbem-30511	116	2	.	.	PUNCT
fbem-30511	116	3	lagging	lag	VERB
fbem-30511	116	4	one	one	NUM
fbem-30511	116	5	-	-	PUNCT
fbem-30511	116	6	period	period	NOUN
fbem-30511	116	7	test	test	NOUN
fbem-30511	116	8	considering	consider	VERB
fbem-30511	116	9	that	that	SCONJ
fbem-30511	116	10	the	the	DET
fbem-30511	116	11	impact	impact	NOUN
fbem-30511	116	12	of	of	ADP
fbem-30511	116	13	m&a	m&a	PROPN
fbem-30511	116	14	premiums	premium	NOUN
fbem-30511	116	15	on	on	ADP
fbem-30511	116	16	corporate	corporate	ADJ
fbem-30511	116	17	growth	growth	NOUN
fbem-30511	116	18	may	may	AUX
fbem-30511	116	19	have	have	VERB
fbem-30511	116	20	a	a	DET
fbem-30511	116	21	certain	certain	ADJ
fbem-30511	116	22	lag	lag	NOUN
fbem-30511	116	23	period	period	NOUN
fbem-30511	116	24	,	,	PUNCT
fbem-30511	116	25	this	this	DET
fbem-30511	116	26	paper	paper	NOUN
fbem-30511	116	27	lagged	lag	VERB
fbem-30511	116	28	the	the	DET
fbem-30511	116	29	explanatory	explanatory	ADJ
fbem-30511	116	30	variable	variable	ADJ
fbem-30511	116	31	tobin	tobin	NOUN
fbem-30511	116	32	's	's	PART
fbem-30511	116	33	q	q	NOUN
fbem-30511	116	34	by	by	ADP
fbem-30511	116	35	one	one	NUM
fbem-30511	116	36	period	period	NOUN
fbem-30511	116	37	and	and	CCONJ
fbem-30511	116	38	then	then	ADV
fbem-30511	116	39	included	include	VERB
fbem-30511	116	40	it	it	PRON
fbem-30511	116	41	in	in	ADP
fbem-30511	116	42	model	model	NOUN
fbem-30511	116	43	(	(	PUNCT
fbem-30511	116	44	1	1	NUM
fbem-30511	116	45	)	)	PUNCT
fbem-30511	116	46	for	for	ADP
fbem-30511	116	47	multiple	multiple	ADJ
fbem-30511	116	48	regression	regression	NOUN
fbem-30511	116	49	analysis	analysis	NOUN
fbem-30511	116	50	.	.	PUNCT
fbem-30511	117	1	as	as	SCONJ
fbem-30511	117	2	shown	show	VERB
fbem-30511	117	3	in	in	ADP
fbem-30511	117	4	column	column	NOUN
fbem-30511	117	5	(	(	PUNCT
fbem-30511	117	6	3	3	NUM
fbem-30511	117	7	)	)	PUNCT
fbem-30511	117	8	of	of	ADP
fbem-30511	117	9	table	table	NOUN
fbem-30511	117	10	4	4	NUM
fbem-30511	117	11	,	,	PUNCT
fbem-30511	117	12	the	the	DET
fbem-30511	117	13	regression	regression	NOUN
fbem-30511	117	14	results	result	NOUN
fbem-30511	117	15	indicate	indicate	VERB
fbem-30511	117	16	that	that	SCONJ
fbem-30511	117	17	the	the	DET
fbem-30511	117	18	m&a	m&a	PROPN
fbem-30511	117	19	premiums	premium	NOUN
fbem-30511	117	20	remain	remain	AUX
fbem-30511	117	21	significantly	significantly	ADV
fbem-30511	117	22	positively	positively	ADV
fbem-30511	117	23	correlated	correlate	VERB
fbem-30511	117	24	with	with	ADP
fbem-30511	117	25	the	the	DET
fbem-30511	117	26	lagged	lag	VERB
fbem-30511	117	27	tobin	tobin	NOUN
fbem-30511	117	28	's	's	PART
fbem-30511	117	29	q	q	X
fbem-30511	117	30	,	,	PUNCT
fbem-30511	117	31	further	far	ADV
fbem-30511	117	32	demonstrating	demonstrate	VERB
fbem-30511	117	33	the	the	DET
fbem-30511	117	34	robustness	robustness	NOUN
fbem-30511	117	35	of	of	ADP
fbem-30511	117	36	the	the	DET
fbem-30511	117	37	research	research	NOUN
fbem-30511	117	38	findings	finding	NOUN
fbem-30511	117	39	.	.	PUNCT
fbem-30511	118	1	table	table	NOUN
fbem-30511	118	2	4	4	NUM
fbem-30511	118	3	.	.	PUNCT
fbem-30511	118	4	robustness	robustness	NOUN
fbem-30511	118	5	check	check	NOUN
fbem-30511	118	6	variables	variable	NOUN
fbem-30511	118	7	(	(	PUNCT
fbem-30511	118	8	1	1	NUM
fbem-30511	118	9	)	)	PUNCT
fbem-30511	118	10	(	(	PUNCT
fbem-30511	118	11	2	2	NUM
fbem-30511	118	12	)	)	PUNCT
fbem-30511	118	13	(	(	PUNCT
fbem-30511	118	14	3	3	X
fbem-30511	118	15	)	)	PUNCT
fbem-30511	118	16	tobinq	tobinq	ADJ
fbem-30511	118	17	tobinq	tobinq	NOUN
fbem-30511	118	18	tobinq_1	tobinq_1	NOUN
fbem-30511	118	19	pre	pre	VERB
fbem-30511	119	1	0.011	0.011	NUM
fbem-30511	119	2	*	*	NOUN
fbem-30511	119	3	*	*	PUNCT
fbem-30511	119	4	*	*	PUNCT
fbem-30511	119	5	0.007	0.007	NUM
fbem-30511	119	6	*	*	PUNCT
fbem-30511	119	7	*	*	PUNCT
fbem-30511	119	8	*	*	PUNCT
fbem-30511	119	9	0.003	0.003	NUM
fbem-30511	119	10	*	*	PUNCT
fbem-30511	119	11	(	(	PUNCT
fbem-30511	119	12	3.48	3.48	NUM
fbem-30511	119	13	)	)	PUNCT
fbem-30511	119	14	(	(	PUNCT
fbem-30511	119	15	4.03	4.03	NUM
fbem-30511	119	16	)	)	PUNCT
fbem-30511	119	17	(	(	PUNCT
fbem-30511	119	18	1.74	1.74	NUM
fbem-30511	119	19	)	)	PUNCT
fbem-30511	119	20	constant	constant	ADJ
fbem-30511	119	21	9.862	9.862	NUM
fbem-30511	119	22	*	*	PUNCT
fbem-30511	119	23	*	*	PUNCT
fbem-30511	119	24	*	*	PUNCT
fbem-30511	119	25	10.773	10.773	NUM
fbem-30511	119	26	*	*	PUNCT
fbem-30511	119	27	*	*	PUNCT
fbem-30511	119	28	*	*	PUNCT
fbem-30511	119	29	7.308	7.308	NUM
fbem-30511	119	30	*	*	PUNCT
fbem-30511	119	31	*	*	PUNCT
fbem-30511	119	32	*	*	PUNCT
fbem-30511	119	33	(	(	PUNCT
fbem-30511	119	34	14.84	14.84	NUM
fbem-30511	119	35	)	)	PUNCT
fbem-30511	119	36	(	(	PUNCT
fbem-30511	119	37	16.60	16.60	NUM
fbem-30511	119	38	)	)	PUNCT
fbem-30511	119	39	(	(	PUNCT
fbem-30511	119	40	10.86	10.86	NUM
fbem-30511	119	41	)	)	PUNCT
fbem-30511	119	42	control	control	NOUN
fbem-30511	119	43	variables	variable	NOUN
fbem-30511	120	1	yes	yes	INTJ
fbem-30511	120	2	yes	yes	INTJ
fbem-30511	121	1	yes	yes	INTJ
fbem-30511	121	2	industry	industry	NOUN
fbem-30511	122	1	yes	yes	INTJ
fbem-30511	123	1	yes	yes	INTJ
fbem-30511	124	1	yes	yes	INTJ
fbem-30511	124	2	year	year	NOUN
fbem-30511	125	1	yes	yes	INTJ
fbem-30511	125	2	yes	yes	INTJ
fbem-30511	126	1	yes	yes	INTJ
fbem-30511	126	2	observations	observation	NOUN
fbem-30511	126	3	2,061	2,061	NUM
fbem-30511	126	4	1,801	1,801	NUM
fbem-30511	126	5	2,076	2,076	NUM
fbem-30511	126	6	r	r	NOUN
fbem-30511	126	7	-	-	PUNCT
fbem-30511	126	8	squared	square	VERB
fbem-30511	126	9	0.384	0.384	NUM
fbem-30511	126	10	0.441	0.441	NUM
fbem-30511	126	11	0.314	0.314	NUM
fbem-30511	126	12	note	note	NOUN
fbem-30511	126	13	:	:	PUNCT
fbem-30511	126	14	*	*	PUNCT
fbem-30511	126	15	*	*	PUNCT
fbem-30511	126	16	*	*	PUNCT
fbem-30511	126	17	,	,	PUNCT
fbem-30511	126	18	*	*	PUNCT
fbem-30511	126	19	*	*	PUNCT
fbem-30511	126	20	,	,	PUNCT
fbem-30511	126	21	*	*	PUNCT
fbem-30511	126	22	represent	represent	VERB
fbem-30511	126	23	significance	significance	NOUN
fbem-30511	126	24	at	at	ADP
fbem-30511	126	25	the	the	DET
fbem-30511	126	26	1	1	NUM
fbem-30511	126	27	%	%	NOUN
fbem-30511	126	28	,	,	PUNCT
fbem-30511	126	29	5	5	NUM
fbem-30511	126	30	%	%	NOUN
fbem-30511	126	31	,	,	PUNCT
fbem-30511	126	32	10	10	NUM
fbem-30511	126	33	%	%	NOUN
fbem-30511	126	34	levels	level	NOUN
fbem-30511	126	35	respectively	respectively	ADV
fbem-30511	126	36	,	,	PUNCT
fbem-30511	126	37	with	with	ADP
fbem-30511	126	38	t	t	NOUN
fbem-30511	126	39	-	-	PUNCT
fbem-30511	126	40	values	value	NOUN
fbem-30511	126	41	in	in	ADP
fbem-30511	126	42	parentheses	parenthesis	NOUN
fbem-30511	126	43	.	.	PUNCT
fbem-30511	127	1	4.4	4.4	NUM
fbem-30511	127	2	.	.	PUNCT
fbem-30511	128	1	further	further	ADJ
fbem-30511	128	2	analysis	analysis	NOUN
fbem-30511	128	3	4.4.1	4.4.1	NUM
fbem-30511	128	4	.	.	PUNCT
fbem-30511	129	1	the	the	DET
fbem-30511	129	2	heterogeneity	heterogeneity	NOUN
fbem-30511	129	3	of	of	ADP
fbem-30511	129	4	ownership	ownership	NOUN
fbem-30511	129	5	structure	structure	NOUN
fbem-30511	129	6	generally	generally	ADV
fbem-30511	129	7	,	,	PUNCT
fbem-30511	129	8	ownership	ownership	NOUN
fbem-30511	129	9	structure	structure	NOUN
fbem-30511	129	10	determines	determine	VERB
fbem-30511	129	11	the	the	DET
fbem-30511	129	12	specific	specific	ADJ
fbem-30511	129	13	goal	goal	NOUN
fbem-30511	129	14	of	of	ADP
fbem-30511	129	15	corporate	corporate	ADJ
fbem-30511	129	16	investment	investment	NOUN
fbem-30511	129	17	.	.	PUNCT
fbem-30511	130	1	in	in	ADP
fbem-30511	130	2	china	china	PROPN
fbem-30511	130	3	,	,	PUNCT
fbem-30511	130	4	state	state	NOUN
fbem-30511	130	5	-	-	PUNCT
fbem-30511	130	6	owned	own	VERB
fbem-30511	130	7	enterprises	enterprise	NOUN
fbem-30511	130	8	(	(	PUNCT
fbem-30511	130	9	soes	soe	NOUN
fbem-30511	130	10	)	)	PUNCT
fbem-30511	130	11	not	not	PART
fbem-30511	130	12	only	only	ADV
fbem-30511	130	13	have	have	VERB
fbem-30511	130	14	a	a	DET
fbem-30511	130	15	commercial	commercial	ADJ
fbem-30511	130	16	nature	nature	NOUN
fbem-30511	130	17	but	but	CCONJ
fbem-30511	130	18	also	also	ADV
fbem-30511	130	19	serve	serve	VERB
fbem-30511	130	20	a	a	DET
fbem-30511	130	21	public	public	ADJ
fbem-30511	130	22	interest	interest	NOUN
fbem-30511	130	23	purpose	purpose	NOUN
fbem-30511	130	24	,	,	PUNCT
fbem-30511	130	25	which	which	PRON
fbem-30511	130	26	means	mean	VERB
fbem-30511	130	27	they	they	PRON
fbem-30511	130	28	are	be	AUX
fbem-30511	130	29	established	establish	VERB
fbem-30511	130	30	to	to	PART
fbem-30511	130	31	meet	meet	VERB
fbem-30511	130	32	national	national	ADJ
fbem-30511	130	33	or	or	CCONJ
fbem-30511	130	34	local	local	ADJ
fbem-30511	130	35	economic	economic	ADJ
fbem-30511	130	36	goals	goal	NOUN
fbem-30511	130	37	.	.	PUNCT
fbem-30511	131	1	therefore	therefore	ADV
fbem-30511	131	2	,	,	PUNCT
fbem-30511	131	3	the	the	DET
fbem-30511	131	4	government	government	NOUN
fbem-30511	131	5	in	in	ADP
fbem-30511	131	6	china	china	PROPN
fbem-30511	131	7	holds	hold	VERB
fbem-30511	131	8	significant	significant	ADJ
fbem-30511	131	9	decision	decision	NOUN
fbem-30511	131	10	-	-	PUNCT
fbem-30511	131	11	making	make	VERB
fbem-30511	131	12	power	power	NOUN
fbem-30511	131	13	over	over	ADP
fbem-30511	131	14	the	the	DET
fbem-30511	131	15	m&a	m&a	PROPN
fbem-30511	131	16	activities	activity	NOUN
fbem-30511	131	17	of	of	ADP
fbem-30511	131	18	soes	soe	NOUN
fbem-30511	131	19	,	,	PUNCT
fbem-30511	131	20	often	often	ADV
fbem-30511	131	21	directly	directly	ADV
fbem-30511	131	22	participating	participate	VERB
fbem-30511	131	23	in	in	ADP
fbem-30511	131	24	or	or	CCONJ
fbem-30511	131	25	influencing	influence	VERB
fbem-30511	131	26	major	major	ADJ
fbem-30511	131	27	asset	asset	NOUN
fbem-30511	131	28	restructuring	restructuring	NOUN
fbem-30511	131	29	and	and	CCONJ
fbem-30511	131	30	m&a	m&a	PROPN
fbem-30511	131	31	transactions	transaction	NOUN
fbem-30511	131	32	involving	involve	VERB
fbem-30511	131	33	soes	soe	NOUN
fbem-30511	131	34	.	.	PUNCT
fbem-30511	132	1	consequently	consequently	ADV
fbem-30511	132	2	,	,	PUNCT
fbem-30511	132	3	m&a	m&a	PROPN
fbem-30511	132	4	transactions	transaction	NOUN
fbem-30511	132	5	by	by	ADP
fbem-30511	132	6	soes	soe	NOUN
fbem-30511	132	7	may	may	AUX
fbem-30511	132	8	be	be	AUX
fbem-30511	132	9	motivated	motivate	VERB
fbem-30511	132	10	by	by	ADP
fbem-30511	132	11	public	public	ADJ
fbem-30511	132	12	interest	interest	NOUN
fbem-30511	132	13	rather	rather	ADV
fbem-30511	132	14	than	than	ADP
fbem-30511	132	15	corporate	corporate	ADJ
fbem-30511	132	16	growth	growth	NOUN
fbem-30511	132	17	objectives	objective	NOUN
fbem-30511	132	18	or	or	CCONJ
fbem-30511	132	19	pressures	pressure	NOUN
fbem-30511	132	20	.	.	PUNCT
fbem-30511	133	1	this	this	PRON
fbem-30511	133	2	suggests	suggest	VERB
fbem-30511	133	3	that	that	SCONJ
fbem-30511	133	4	premiums	premium	NOUN
fbem-30511	133	5	in	in	ADP
fbem-30511	133	6	m&a	m&a	PROPN
fbem-30511	133	7	transactions	transaction	NOUN
fbem-30511	133	8	by	by	ADP
fbem-30511	133	9	state	state	NOUN
fbem-30511	133	10	-	-	PUNCT
fbem-30511	133	11	owned	own	VERB
fbem-30511	133	12	enterprises	enterprise	NOUN
fbem-30511	133	13	may	may	AUX
fbem-30511	133	14	have	have	VERB
fbem-30511	133	15	a	a	DET
fbem-30511	133	16	limited	limited	ADJ
fbem-30511	133	17	impact	impact	NOUN
fbem-30511	133	18	on	on	ADP
fbem-30511	133	19	corporate	corporate	ADJ
fbem-30511	133	20	growth	growth	NOUN
fbem-30511	133	21	.	.	PUNCT
fbem-30511	134	1	to	to	PART
fbem-30511	134	2	analyze	analyze	VERB
fbem-30511	134	3	and	and	CCONJ
fbem-30511	134	4	validate	validate	VERB
fbem-30511	134	5	the	the	DET
fbem-30511	134	6	differences	difference	NOUN
fbem-30511	134	7	in	in	ADP
fbem-30511	134	8	m&a	m&a	PROPN
fbem-30511	134	9	premiums	premium	NOUN
fbem-30511	134	10	and	and	CCONJ
fbem-30511	134	11	corporate	corporate	ADJ
fbem-30511	134	12	growth	growth	NOUN
fbem-30511	134	13	between	between	ADP
fbem-30511	134	14	state	state	NOUN
fbem-30511	134	15	-	-	PUNCT
fbem-30511	134	16	owned	own	VERB
fbem-30511	134	17	and	and	CCONJ
fbem-30511	134	18	nonstateowned	nonstateowned	ADJ
fbem-30511	134	19	enterprises	enterprise	NOUN
fbem-30511	134	20	,	,	PUNCT
fbem-30511	134	21	this	this	DET
fbem-30511	134	22	study	study	NOUN
fbem-30511	134	23	divides	divide	VERB
fbem-30511	134	24	the	the	DET
fbem-30511	134	25	samples	sample	NOUN
fbem-30511	134	26	into	into	ADP
fbem-30511	134	27	two	two	NUM
fbem-30511	134	28	groups	group	NOUN
fbem-30511	134	29	based	base	VERB
fbem-30511	134	30	on	on	ADP
fbem-30511	134	31	ownership	ownership	NOUN
fbem-30511	134	32	structure	structure	NOUN
fbem-30511	134	33	and	and	CCONJ
fbem-30511	134	34	conducted	conduct	VERB
fbem-30511	134	35	separate	separate	ADJ
fbem-30511	134	36	multiple	multiple	ADJ
fbem-30511	134	37	regressions	regression	NOUN
fbem-30511	134	38	.	.	PUNCT
fbem-30511	135	1	the	the	DET
fbem-30511	135	2	results	result	NOUN
fbem-30511	135	3	,	,	PUNCT
fbem-30511	135	4	as	as	SCONJ
fbem-30511	135	5	shown	show	VERB
fbem-30511	135	6	in	in	ADP
fbem-30511	135	7	table	table	NOUN
fbem-30511	135	8	5	5	NUM
fbem-30511	135	9	,	,	PUNCT
fbem-30511	135	10	columns	column	NOUN
fbem-30511	135	11	(	(	PUNCT
fbem-30511	135	12	1	1	NUM
fbem-30511	135	13	)	)	PUNCT
fbem-30511	135	14	and	and	CCONJ
fbem-30511	135	15	(	(	PUNCT
fbem-30511	135	16	2	2	NUM
fbem-30511	135	17	)	)	PUNCT
fbem-30511	135	18	,	,	PUNCT
fbem-30511	135	19	indicate	indicate	VERB
fbem-30511	135	20	that	that	SCONJ
fbem-30511	135	21	there	there	PRON
fbem-30511	135	22	is	be	VERB
fbem-30511	135	23	no	no	DET
fbem-30511	135	24	significant	significant	ADJ
fbem-30511	135	25	correlation	correlation	NOUN
fbem-30511	135	26	between	between	ADP
fbem-30511	135	27	m&a	m&a	PROPN
fbem-30511	135	28	premiums	premium	NOUN
fbem-30511	135	29	by	by	ADP
fbem-30511	135	30	state	state	NOUN
fbem-30511	135	31	-	-	PUNCT
fbem-30511	135	32	owned	own	VERB
fbem-30511	135	33	enterprises	enterprise	NOUN
fbem-30511	135	34	and	and	CCONJ
fbem-30511	135	35	corporate	corporate	ADJ
fbem-30511	135	36	growth	growth	NOUN
fbem-30511	135	37	,	,	PUNCT
fbem-30511	135	38	while	while	SCONJ
fbem-30511	135	39	m&a	m&a	PROPN
fbem-30511	135	40	premiums	premium	NOUN
fbem-30511	135	41	by	by	ADP
fbem-30511	135	42	non	non	ADJ
fbem-30511	135	43	-	-	ADJ
fbem-30511	135	44	state	state	NOUN
fbem-30511	135	45	-	-	PUNCT
fbem-30511	135	46	owned	own	VERB
fbem-30511	135	47	enterprises	enterprise	NOUN
fbem-30511	135	48	shows	show	VERB
fbem-30511	135	49	a	a	DET
fbem-30511	135	50	significant	significant	ADJ
fbem-30511	135	51	positive	positive	ADJ
fbem-30511	135	52	correlation	correlation	NOUN
fbem-30511	135	53	with	with	ADP
fbem-30511	135	54	corporate	corporate	ADJ
fbem-30511	135	55	growth	growth	NOUN
fbem-30511	135	56	.	.	PUNCT
fbem-30511	136	1	4.4.2	4.4.2	X
fbem-30511	136	2	.	.	PUNCT
fbem-30511	137	1	the	the	DET
fbem-30511	137	2	impact	impact	NOUN
fbem-30511	137	3	of	of	ADP
fbem-30511	137	4	payment	payment	NOUN
fbem-30511	137	5	methods	method	NOUN
fbem-30511	137	6	in	in	ADP
fbem-30511	137	7	mergers	merger	NOUN
fbem-30511	137	8	and	and	CCONJ
fbem-30511	137	9	acquisitions	acquisition	NOUN
fbem-30511	137	10	the	the	DET
fbem-30511	137	11	different	different	ADJ
fbem-30511	137	12	payment	payment	NOUN
fbem-30511	137	13	methods	method	NOUN
fbem-30511	137	14	in	in	ADP
fbem-30511	137	15	m&a	m&a	PROPN
fbem-30511	137	16	activities	activity	NOUN
fbem-30511	137	17	have	have	VERB
fbem-30511	137	18	varying	vary	VERB
fbem-30511	137	19	impacts	impact	NOUN
fbem-30511	137	20	on	on	ADP
fbem-30511	137	21	the	the	DET
fbem-30511	137	22	post	post	ADJ
fbem-30511	137	23	-	-	ADJ
fbem-30511	137	24	merger	merger	ADJ
fbem-30511	137	25	companies	company	NOUN
fbem-30511	137	26	.	.	PUNCT
fbem-30511	138	1	rau	rau	PROPN
fbem-30511	138	2	and	and	CCONJ
fbem-30511	138	3	vermaelen	vermaelen	PROPN
fbem-30511	138	4	(	(	PUNCT
fbem-30511	138	5	1998	1998	NUM
fbem-30511	138	6	)	)	PUNCT
fbem-30511	138	7	found	find	VERB
fbem-30511	138	8	that	that	SCONJ
fbem-30511	138	9	different	different	ADJ
fbem-30511	138	10	payment	payment	NOUN
fbem-30511	138	11	methods	method	NOUN
fbem-30511	138	12	convey	convey	VERB
fbem-30511	138	13	different	different	ADJ
fbem-30511	138	14	signals	signal	NOUN
fbem-30511	138	15	of	of	ADP
fbem-30511	138	16	corporate	corporate	ADJ
fbem-30511	138	17	value	value	NOUN
fbem-30511	138	18	expectations	expectation	NOUN
fbem-30511	138	19	to	to	ADP
fbem-30511	138	20	the	the	DET
fbem-30511	138	21	market	market	NOUN
fbem-30511	138	22	.	.	PUNCT
fbem-30511	139	1	cash	cash	NOUN
fbem-30511	139	2	payments	payment	NOUN
fbem-30511	139	3	signal	signal	VERB
fbem-30511	139	4	to	to	ADP
fbem-30511	139	5	the	the	DET
fbem-30511	139	6	market	market	NOUN
fbem-30511	139	7	that	that	SCONJ
fbem-30511	139	8	the	the	DET
fbem-30511	139	9	target	target	NOUN
fbem-30511	139	10	company	company	NOUN
fbem-30511	139	11	is	be	AUX
fbem-30511	139	12	undervalued	undervalue	VERB
fbem-30511	139	13	,	,	PUNCT
fbem-30511	139	14	leading	lead	VERB
fbem-30511	139	15	investors	investor	NOUN
fbem-30511	139	16	to	to	PART
fbem-30511	139	17	expect	expect	VERB
fbem-30511	139	18	an	an	DET
fbem-30511	139	19	increase	increase	NOUN
fbem-30511	139	20	in	in	ADP
fbem-30511	139	21	the	the	DET
fbem-30511	139	22	post	post	ADJ
fbem-30511	139	23	-	-	ADJ
fbem-30511	139	24	merger	merger	ADJ
fbem-30511	139	25	stock	stock	NOUN
fbem-30511	139	26	value	value	NOUN
fbem-30511	139	27	.	.	PUNCT
fbem-30511	140	1	conversely	conversely	ADV
fbem-30511	140	2	,	,	PUNCT
fbem-30511	140	3	stock	stock	NOUN
fbem-30511	140	4	payments	payment	NOUN
fbem-30511	140	5	convey	convey	VERB
fbem-30511	140	6	the	the	DET
fbem-30511	140	7	opposite	opposite	ADJ
fbem-30511	140	8	signal	signal	NOUN
fbem-30511	140	9	to	to	ADP
fbem-30511	140	10	the	the	DET
fbem-30511	140	11	market	market	NOUN
fbem-30511	140	12	.	.	PUNCT
fbem-30511	141	1	meanwhile	meanwhile	ADV
fbem-30511	141	2	,	,	PUNCT
fbem-30511	141	3	using	use	VERB
fbem-30511	141	4	cash	cash	NOUN
fbem-30511	141	5	payment	payment	NOUN
fbem-30511	141	6	during	during	ADP
fbem-30511	141	7	the	the	DET
fbem-30511	141	8	merger	merger	NOUN
fbem-30511	141	9	and	and	CCONJ
fbem-30511	141	10	acquisition	acquisition	NOUN
fbem-30511	141	11	process	process	NOUN
fbem-30511	141	12	also	also	ADV
fbem-30511	141	13	indirectly	indirectly	ADV
fbem-30511	141	14	indicates	indicate	VERB
fbem-30511	141	15	that	that	SCONJ
fbem-30511	141	16	the	the	DET
fbem-30511	141	17	acquiring	acquire	VERB
fbem-30511	141	18	company	company	NOUN
fbem-30511	141	19	possesses	possess	VERB
fbem-30511	141	20	ample	ample	ADJ
fbem-30511	141	21	cash	cash	NOUN
fbem-30511	141	22	flow	flow	NOUN
fbem-30511	141	23	and	and	CCONJ
fbem-30511	141	24	determination	determination	NOUN
fbem-30511	141	25	for	for	ADP
fbem-30511	141	26	a	a	DET
fbem-30511	141	27	successful	successful	ADJ
fbem-30511	141	28	acquisition	acquisition	NOUN
fbem-30511	141	29	.	.	PUNCT
fbem-30511	142	1	therefore	therefore	ADV
fbem-30511	142	2	,	,	PUNCT
fbem-30511	142	3	it	it	PRON
fbem-30511	142	4	is	be	AUX
fbem-30511	142	5	advantageous	advantageous	ADJ
fbem-30511	142	6	for	for	ADP
fbem-30511	142	7	enhancing	enhance	VERB
fbem-30511	142	8	investor	investor	NOUN
fbem-30511	142	9	confidence	confidence	NOUN
fbem-30511	142	10	,	,	PUNCT
fbem-30511	142	11	fostering	foster	VERB
fbem-30511	142	12	a	a	DET
fbem-30511	142	13	virtuous	virtuous	ADJ
fbem-30511	142	14	cycle	cycle	NOUN
fbem-30511	142	15	of	of	ADP
fbem-30511	142	16	corporate	corporate	ADJ
fbem-30511	142	17	development	development	NOUN
fbem-30511	142	18	.	.	PUNCT
fbem-30511	143	1	the	the	DET
fbem-30511	143	2	paper	paper	NOUN
fbem-30511	143	3	aims	aim	VERB
fbem-30511	143	4	to	to	PART
fbem-30511	143	5	further	far	ADV
fbem-30511	143	6	analyze	analyze	VERB
fbem-30511	143	7	and	and	CCONJ
fbem-30511	143	8	validate	validate	VERB
fbem-30511	143	9	the	the	DET
fbem-30511	143	10	impact	impact	NOUN
fbem-30511	143	11	of	of	ADP
fbem-30511	143	12	m&a	m&a	PROPN
fbem-30511	143	13	premiums	premium	NOUN
fbem-30511	143	14	on	on	ADP
fbem-30511	143	15	corporate	corporate	ADJ
fbem-30511	143	16	growth	growth	NOUN
fbem-30511	143	17	under	under	ADP
fbem-30511	143	18	different	different	ADJ
fbem-30511	143	19	payment	payment	NOUN
fbem-30511	143	20	methods	method	NOUN
fbem-30511	143	21	.	.	PUNCT
fbem-30511	144	1	it	it	PRON
fbem-30511	144	2	divides	divide	VERB
fbem-30511	144	3	the	the	DET
fbem-30511	144	4	acquisitions	acquisition	NOUN
fbem-30511	144	5	into	into	ADP
fbem-30511	144	6	two	two	NUM
fbem-30511	144	7	groups	group	NOUN
fbem-30511	144	8	based	base	VERB
fbem-30511	144	9	on	on	ADP
fbem-30511	144	10	whether	whether	SCONJ
fbem-30511	144	11	they	they	PRON
fbem-30511	144	12	are	be	AUX
fbem-30511	144	13	purely	purely	ADV
fbem-30511	144	14	cash	cash	NOUN
fbem-30511	144	15	transactions	transaction	NOUN
fbem-30511	144	16	and	and	CCONJ
fbem-30511	144	17	conducts	conduct	VERB
fbem-30511	144	18	multiple	multiple	ADJ
fbem-30511	144	19	regressions	regression	NOUN
fbem-30511	144	20	accordingly	accordingly	ADV
fbem-30511	144	21	.	.	PUNCT
fbem-30511	145	1	the	the	DET
fbem-30511	145	2	regression	regression	NOUN
fbem-30511	145	3	results	result	NOUN
fbem-30511	145	4	are	be	AUX
fbem-30511	145	5	presented	present	VERB
fbem-30511	145	6	in	in	ADP
fbem-30511	145	7	table	table	NOUN
fbem-30511	145	8	5	5	NUM
fbem-30511	145	9	,	,	PUNCT
fbem-30511	145	10	columns	column	NOUN
fbem-30511	145	11	(	(	PUNCT
fbem-30511	145	12	3	3	NUM
fbem-30511	145	13	)	)	PUNCT
fbem-30511	145	14	and	and	CCONJ
fbem-30511	145	15	(	(	PUNCT
fbem-30511	145	16	4	4	NUM
fbem-30511	145	17	)	)	PUNCT
fbem-30511	145	18	.	.	PUNCT
fbem-30511	146	1	the	the	DET
fbem-30511	146	2	results	result	NOUN
fbem-30511	146	3	indicate	indicate	VERB
fbem-30511	146	4	a	a	DET
fbem-30511	146	5	significant	significant	ADJ
fbem-30511	146	6	positive	positive	ADJ
fbem-30511	146	7	correlation	correlation	NOUN
fbem-30511	146	8	between	between	ADP
fbem-30511	146	9	cash	cash	NOUN
fbem-30511	146	10	-	-	PUNCT
fbem-30511	146	11	paid	pay	VERB
fbem-30511	146	12	m&a	m&a	PROPN
fbem-30511	146	13	premiums	premium	NOUN
fbem-30511	146	14	and	and	CCONJ
fbem-30511	146	15	corporate	corporate	ADJ
fbem-30511	146	16	growth	growth	NOUN
fbem-30511	146	17	,	,	PUNCT
fbem-30511	146	18	whereas	whereas	SCONJ
fbem-30511	146	19	there	there	PRON
fbem-30511	146	20	is	be	VERB
fbem-30511	146	21	no	no	DET
fbem-30511	146	22	correlation	correlation	NOUN
fbem-30511	146	23	between	between	ADP
fbem-30511	146	24	stock	stock	NOUN
fbem-30511	146	25	-	-	PUNCT
fbem-30511	146	26	based	base	VERB
fbem-30511	146	27	or	or	CCONJ
fbem-30511	146	28	noncash	noncash	NOUN
fbem-30511	146	29	asset	asset	NOUN
fbem-30511	146	30	transactions	transaction	NOUN
fbem-30511	146	31	and	and	CCONJ
fbem-30511	146	32	corporate	corporate	ADJ
fbem-30511	146	33	growth	growth	NOUN
fbem-30511	146	34	.	.	PUNCT
fbem-30511	147	1	this	this	PRON
fbem-30511	147	2	suggests	suggest	VERB
fbem-30511	147	3	that	that	SCONJ
fbem-30511	147	4	,	,	PUNCT
fbem-30511	147	5	compared	compare	VERB
fbem-30511	147	6	to	to	ADP
fbem-30511	147	7	non	non	ADJ
fbem-30511	147	8	-	-	ADJ
fbem-30511	147	9	cash	cash	ADJ
fbem-30511	147	10	payments	payment	NOUN
fbem-30511	147	11	,	,	PUNCT
fbem-30511	147	12	cash	cash	NOUN
fbem-30511	147	13	payments	payment	NOUN
fbem-30511	147	14	in	in	ADP
fbem-30511	147	15	m&a	m&a	PROPN
fbem-30511	147	16	transactions	transaction	NOUN
fbem-30511	147	17	are	be	AUX
fbem-30511	147	18	more	more	ADV
fbem-30511	147	19	advantageous	advantageous	ADJ
fbem-30511	147	20	for	for	ADP
fbem-30511	147	21	company	company	NOUN
fbem-30511	147	22	growth	growth	NOUN
fbem-30511	147	23	.	.	PUNCT
fbem-30511	148	1	4.4.3	4.4.3	X
fbem-30511	148	2	.	.	PUNCT
fbem-30511	149	1	the	the	DET
fbem-30511	149	2	impact	impact	NOUN
fbem-30511	149	3	of	of	ADP
fbem-30511	149	4	related	relate	VERB
fbem-30511	149	5	-	-	PUNCT
fbem-30511	149	6	party	party	NOUN
fbem-30511	149	7	mergers	merger	NOUN
fbem-30511	149	8	and	and	CCONJ
fbem-30511	149	9	acquisitions	acquisition	NOUN
fbem-30511	149	10	related	relate	VERB
fbem-30511	149	11	-	-	PUNCT
fbem-30511	149	12	party	party	NOUN
fbem-30511	149	13	mergers	merger	NOUN
fbem-30511	149	14	and	and	CCONJ
fbem-30511	149	15	acquisitions	acquisition	NOUN
fbem-30511	149	16	generally	generally	ADV
fbem-30511	149	17	refer	refer	VERB
fbem-30511	149	18	to	to	ADP
fbem-30511	149	19	the	the	DET
fbem-30511	149	20	m&a	m&a	PROPN
fbem-30511	149	21	activities	activity	NOUN
fbem-30511	149	22	between	between	ADP
fbem-30511	149	23	a	a	DET
fbem-30511	149	24	company	company	NOUN
fbem-30511	149	25	and	and	CCONJ
fbem-30511	149	26	its	its	PRON
fbem-30511	149	27	affiliated	affiliated	ADJ
fbem-30511	149	28	entities	entity	NOUN
fbem-30511	149	29	.	.	PUNCT
fbem-30511	150	1	currently	currently	ADV
fbem-30511	150	2	,	,	PUNCT
fbem-30511	150	3	some	some	DET
fbem-30511	150	4	studies	study	NOUN
fbem-30511	150	5	suggest	suggest	VERB
fbem-30511	150	6	that	that	SCONJ
fbem-30511	150	7	related	relate	VERB
fbem-30511	150	8	-	-	PUNCT
fbem-30511	150	9	party	party	NOUN
fbem-30511	150	10	mergers	merger	NOUN
fbem-30511	150	11	and	and	CCONJ
fbem-30511	150	12	acquisitions	acquisition	NOUN
fbem-30511	150	13	,	,	PUNCT
fbem-30511	150	14	with	with	ADP
fbem-30511	150	15	a	a	DET
fbem-30511	150	16	certain	certain	ADJ
fbem-30511	150	17	speculative	speculative	ADJ
fbem-30511	150	18	nature	nature	NOUN
fbem-30511	150	19	,	,	PUNCT
fbem-30511	150	20	can	can	AUX
fbem-30511	150	21	erode	erode	VERB
fbem-30511	150	22	corporate	corporate	ADJ
fbem-30511	150	23	value	value	NOUN
fbem-30511	150	24	.	.	PUNCT
fbem-30511	151	1	according	accord	VERB
fbem-30511	151	2	to	to	ADP
fbem-30511	151	3	song	song	NOUN
fbem-30511	151	4	and	and	CCONJ
fbem-30511	151	5	zhou	zhou	PROPN
fbem-30511	151	6	’s	’s	PART
fbem-30511	151	7	(	(	PUNCT
fbem-30511	151	8	2007	2007	NUM
fbem-30511	151	9	)	)	PUNCT
fbem-30511	151	10	research	research	NOUN
fbem-30511	151	11	,	,	PUNCT
fbem-30511	151	12	related	relate	VERB
fbem-30511	151	13	-	-	PUNCT
fbem-30511	151	14	party	party	NOUN
fbem-30511	151	15	mergers	merger	NOUN
fbem-30511	151	16	and	and	CCONJ
fbem-30511	151	17	acquisitions	acquisition	NOUN
fbem-30511	151	18	exhibit	exhibit	VERB
fbem-30511	151	19	a	a	DET
fbem-30511	151	20	strong	strong	ADJ
fbem-30511	151	21	speculative	speculative	ADJ
fbem-30511	151	22	nature	nature	NOUN
fbem-30511	151	23	,	,	PUNCT
fbem-30511	151	24	with	with	ADP
fbem-30511	151	25	related	relate	VERB
fbem-30511	151	26	acquiring	acquire	VERB
fbem-30511	151	27	companies	company	NOUN
fbem-30511	151	28	showing	show	VERB
fbem-30511	151	29	primarily	primarily	ADV
fbem-30511	151	30	negative	negative	ADJ
fbem-30511	151	31	excess	excess	ADJ
fbem-30511	151	32	returns	return	NOUN
fbem-30511	151	33	,	,	PUNCT
fbem-30511	151	34	while	while	SCONJ
fbem-30511	151	35	non	non	ADJ
fbem-30511	151	36	-	-	ADJ
fbem-30511	151	37	related	related	ADJ
fbem-30511	151	38	acquiring	acquire	VERB
fbem-30511	151	39	companies	company	NOUN
fbem-30511	151	40	demonstrate	demonstrate	VERB
fbem-30511	151	41	significant	significant	ADJ
fbem-30511	151	42	excess	excess	ADJ
fbem-30511	151	43	returns	return	NOUN
fbem-30511	151	44	,	,	PUNCT
fbem-30511	151	45	indicating	indicate	VERB
fbem-30511	151	46	clear	clear	ADJ
fbem-30511	151	47	competitive	competitive	ADJ
fbem-30511	151	48	advantages	advantage	NOUN
fbem-30511	151	49	.	.	PUNCT
fbem-30511	152	1	based	base	VERB
fbem-30511	152	2	on	on	ADP
fbem-30511	152	3	this	this	PRON
fbem-30511	152	4	,	,	PUNCT
fbem-30511	152	5	this	this	DET
fbem-30511	152	6	paper	paper	NOUN
fbem-30511	152	7	divides	divide	VERB
fbem-30511	152	8	the	the	DET
fbem-30511	152	9	mergers	merger	NOUN
fbem-30511	152	10	and	and	CCONJ
fbem-30511	152	11	acquisitions	acquisition	NOUN
fbem-30511	152	12	into	into	ADP
fbem-30511	152	13	non	non	ADJ
fbem-30511	152	14	-	-	ADJ
fbem-30511	152	15	related	related	ADJ
fbem-30511	152	16	m&a	m&a	PROPN
fbem-30511	152	17	and	and	CCONJ
fbem-30511	152	18	related	relate	VERB
fbem-30511	152	19	m&a	m&a	PROPN
fbem-30511	152	20	groups	group	NOUN
fbem-30511	152	21	,	,	PUNCT
fbem-30511	152	22	and	and	CCONJ
fbem-30511	152	23	conducts	conduct	VERB
fbem-30511	152	24	multiple	multiple	ADJ
fbem-30511	152	25	regressions	regression	NOUN
fbem-30511	152	26	separately	separately	ADV
fbem-30511	152	27	for	for	ADP
fbem-30511	152	28	each	each	DET
fbem-30511	152	29	group	group	NOUN
fbem-30511	152	30	using	use	VERB
fbem-30511	152	31	regression	regression	NOUN
fbem-30511	152	32	model	model	NOUN
fbem-30511	152	33	(	(	PUNCT
fbem-30511	152	34	1	1	NUM
fbem-30511	152	35	)	)	PUNCT
fbem-30511	152	36	.	.	PUNCT
fbem-30511	153	1	the	the	DET
fbem-30511	153	2	regression	regression	NOUN
fbem-30511	153	3	results	result	NOUN
fbem-30511	153	4	are	be	AUX
fbem-30511	153	5	shown	show	VERB
fbem-30511	153	6	in	in	ADP
fbem-30511	153	7	columns	column	NOUN
fbem-30511	153	8	(	(	PUNCT
fbem-30511	153	9	5	5	NUM
fbem-30511	153	10	)	)	PUNCT
fbem-30511	153	11	and	and	CCONJ
fbem-30511	153	12	(	(	PUNCT
fbem-30511	153	13	6	6	NUM
fbem-30511	153	14	)	)	PUNCT
fbem-30511	153	15	of	of	ADP
fbem-30511	153	16	table	table	NOUN
fbem-30511	153	17	5	5	NUM
fbem-30511	153	18	.	.	PUNCT
fbem-30511	154	1	there	there	PRON
fbem-30511	154	2	is	be	VERB
fbem-30511	154	3	a	a	DET
fbem-30511	154	4	significant	significant	ADJ
fbem-30511	154	5	positive	positive	ADJ
fbem-30511	154	6	correlation	correlation	NOUN
fbem-30511	154	7	between	between	ADP
fbem-30511	154	8	the	the	DET
fbem-30511	154	9	m&a	m&a	PROPN
fbem-30511	154	10	premiums	premium	NOUN
fbem-30511	154	11	and	and	CCONJ
fbem-30511	154	12	the	the	DET
fbem-30511	154	13	growth	growth	NOUN
fbem-30511	154	14	of	of	ADP
fbem-30511	154	15	the	the	DET
fbem-30511	154	16	firm	firm	NOUN
fbem-30511	154	17	in	in	ADP
fbem-30511	154	18	non	non	ADJ
fbem-30511	154	19	-	-	ADJ
fbem-30511	154	20	related	related	ADJ
fbem-30511	154	21	m&a	m&a	PROPN
fbem-30511	154	22	,	,	PUNCT
fbem-30511	154	23	while	while	SCONJ
fbem-30511	154	24	in	in	ADP
fbem-30511	154	25	related	related	ADJ
fbem-30511	154	26	m&a	m&a	PROPN
fbem-30511	154	27	,	,	PUNCT
fbem-30511	154	28	the	the	DET
fbem-30511	154	29	correlation	correlation	NOUN
fbem-30511	154	30	between	between	ADP
fbem-30511	154	31	the	the	DET
fbem-30511	154	32	m&a	m&a	PROPN
fbem-30511	154	33	premiums	premium	NOUN
fbem-30511	154	34	and	and	CCONJ
fbem-30511	154	35	the	the	DET
fbem-30511	154	36	firm	firm	NOUN
fbem-30511	154	37	's	's	PART
fbem-30511	154	38	growth	growth	NOUN
fbem-30511	154	39	is	be	AUX
fbem-30511	154	40	negative	negative	ADJ
fbem-30511	154	41	but	but	CCONJ
fbem-30511	154	42	not	not	PART
fbem-30511	154	43	significant	significant	ADJ
fbem-30511	154	44	.	.	PUNCT
fbem-30511	155	1	the	the	DET
fbem-30511	155	2	empirical	empirical	ADJ
fbem-30511	155	3	results	result	NOUN
fbem-30511	155	4	indicate	indicate	VERB
fbem-30511	155	5	that	that	SCONJ
fbem-30511	155	6	related	related	ADJ
fbem-30511	155	7	m&a	m&a	PROPN
fbem-30511	155	8	has	have	VERB
fbem-30511	155	9	a	a	DET
fbem-30511	155	10	certain	certain	ADJ
fbem-30511	155	11	speculative	speculative	ADJ
fbem-30511	155	12	nature	nature	NOUN
fbem-30511	155	13	.	.	PUNCT
fbem-30511	156	1	compared	compare	VERB
fbem-30511	156	2	to	to	ADP
fbem-30511	156	3	related	related	ADJ
fbem-30511	156	4	m&a	m&a	PROPN
fbem-30511	156	5	,	,	PUNCT
fbem-30511	156	6	non	non	ADJ
fbem-30511	156	7	-	-	ADJ
fbem-30511	156	8	related	related	ADJ
fbem-30511	156	9	m&a	m&a	NOUN
fbem-30511	156	10	is	be	AUX
fbem-30511	156	11	more	more	ADV
fbem-30511	156	12	beneficial	beneficial	ADJ
fbem-30511	156	13	for	for	SCONJ
fbem-30511	156	14	firms	firm	NOUN
fbem-30511	156	15	to	to	PART
fbem-30511	156	16	integrate	integrate	VERB
fbem-30511	156	17	resources	resource	NOUN
fbem-30511	156	18	and	and	CCONJ
fbem-30511	156	19	achieve	achieve	VERB
fbem-30511	156	20	better	well	ADJ
fbem-30511	156	21	development	development	NOUN
fbem-30511	156	22	.	.	PUNCT
fbem-30511	157	1	84	84	NUM
fbem-30511	157	2	table	table	NOUN
fbem-30511	157	3	5	5	NUM
fbem-30511	157	4	.	.	PUNCT
fbem-30511	157	5	further	further	ADJ
fbem-30511	157	6	analysis	analysis	NOUN
fbem-30511	157	7	(	(	PUNCT
fbem-30511	157	8	1	1	NUM
fbem-30511	157	9	)	)	PUNCT
fbem-30511	157	10	(	(	PUNCT
fbem-30511	157	11	2	2	NUM
fbem-30511	157	12	)	)	PUNCT
fbem-30511	157	13	(	(	PUNCT
fbem-30511	157	14	3	3	X
fbem-30511	157	15	)	)	PUNCT
fbem-30511	157	16	(	(	PUNCT
fbem-30511	157	17	4	4	NUM
fbem-30511	157	18	)	)	PUNCT
fbem-30511	157	19	(	(	PUNCT
fbem-30511	157	20	5	5	NUM
fbem-30511	157	21	)	)	PUNCT
fbem-30511	157	22	(	(	PUNCT
fbem-30511	157	23	6	6	NUM
fbem-30511	157	24	)	)	PUNCT
fbem-30511	157	25	variables	variable	NOUN
fbem-30511	157	26	non	non	ADJ
fbem-30511	157	27	-	-	ADJ
fbem-30511	157	28	state	state	NOUN
fbem-30511	157	29	-	-	PUNCT
fbem-30511	157	30	owned	own	VERB
fbem-30511	157	31	state	state	NOUN
fbem-30511	157	32	-	-	PUNCT
fbem-30511	157	33	owned	own	VERB
fbem-30511	157	34	cash	cash	NOUN
fbem-30511	157	35	payment	payment	NOUN
fbem-30511	157	36	non	non	ADJ
fbem-30511	157	37	-	-	ADJ
fbem-30511	157	38	cash	cash	ADJ
fbem-30511	157	39	payment	payment	NOUN
fbem-30511	157	40	non	non	ADJ
fbem-30511	157	41	-	-	ADJ
fbem-30511	157	42	related	relate	VERB
fbem-30511	157	43	m&a	m&a	PROPN
fbem-30511	157	44	related	relate	VERB
fbem-30511	157	45	-	-	PUNCT
fbem-30511	157	46	party	party	NOUN
fbem-30511	157	47	m&a	m&a	PROPN
fbem-30511	157	48	pre	pre	VERB
fbem-30511	157	49	0.005	0.005	NUM
fbem-30511	157	50	*	*	SYM
fbem-30511	157	51	*	*	NOUN
fbem-30511	157	52	0.004	0.004	NUM
fbem-30511	157	53	0.004	0.004	NUM
fbem-30511	157	54	*	*	NUM
fbem-30511	157	55	0.003	0.003	NUM
fbem-30511	157	56	0.006	0.006	NUM
fbem-30511	157	57	*	*	PUNCT
fbem-30511	157	58	*	*	PUNCT
fbem-30511	157	59	*	*	PUNCT
fbem-30511	157	60	-0.001	-0.001	PUNCT
fbem-30511	157	61	(	(	PUNCT
fbem-30511	157	62	2.35	2.35	NUM
fbem-30511	157	63	)	)	PUNCT
fbem-30511	157	64	(	(	PUNCT
fbem-30511	157	65	1.06	1.06	NUM
fbem-30511	157	66	)	)	PUNCT
fbem-30511	157	67	(	(	PUNCT
fbem-30511	157	68	1.93	1.93	NUM
fbem-30511	157	69	)	)	PUNCT
fbem-30511	157	70	(	(	PUNCT
fbem-30511	157	71	1.12	1.12	NUM
fbem-30511	157	72	)	)	PUNCT
fbem-30511	157	73	(	(	PUNCT
fbem-30511	157	74	3.36	3.36	NUM
fbem-30511	157	75	)	)	PUNCT
fbem-30511	157	76	(	(	PUNCT
fbem-30511	157	77	-0.12	-0.12	X
fbem-30511	157	78	)	)	PUNCT
fbem-30511	157	79	constant	constant	ADJ
fbem-30511	157	80	9.754	9.754	NUM
fbem-30511	157	81	*	*	NOUN
fbem-30511	157	82	*	*	PUNCT
fbem-30511	157	83	*	*	PUNCT
fbem-30511	157	84	9.852	9.852	NUM
fbem-30511	157	85	*	*	PUNCT
fbem-30511	157	86	*	*	PUNCT
fbem-30511	157	87	*	*	PUNCT
fbem-30511	158	1	7.245	7.245	NUM
fbem-30511	158	2	*	*	PUNCT
fbem-30511	158	3	*	*	PUNCT
fbem-30511	158	4	*	*	PUNCT
fbem-30511	159	1	14.056	14.056	NUM
fbem-30511	159	2	*	*	PUNCT
fbem-30511	159	3	*	*	PUNCT
fbem-30511	159	4	*	*	PUNCT
fbem-30511	159	5	9.049	9.049	NUM
fbem-30511	159	6	*	*	PUNCT
fbem-30511	159	7	*	*	PUNCT
fbem-30511	159	8	*	*	PUNCT
fbem-30511	160	1	16.110	16.110	NUM
fbem-30511	160	2	*	*	PUNCT
fbem-30511	160	3	*	*	PUNCT
fbem-30511	160	4	*	*	PUNCT
fbem-30511	160	5	(	(	PUNCT
fbem-30511	160	6	9.90	9.90	NUM
fbem-30511	160	7	)	)	PUNCT
fbem-30511	160	8	(	(	PUNCT
fbem-30511	160	9	11.71	11.71	NUM
fbem-30511	160	10	)	)	PUNCT
fbem-30511	160	11	(	(	PUNCT
fbem-30511	160	12	8.69	8.69	NUM
fbem-30511	160	13	)	)	PUNCT
fbem-30511	160	14	(	(	PUNCT
fbem-30511	160	15	11.86	11.86	NUM
fbem-30511	160	16	)	)	PUNCT
fbem-30511	160	17	(	(	PUNCT
fbem-30511	160	18	12.83	12.83	NUM
fbem-30511	160	19	)	)	PUNCT
fbem-30511	160	20	(	(	PUNCT
fbem-30511	160	21	8.07	8.07	NUM
fbem-30511	160	22	)	)	PUNCT
fbem-30511	160	23	control	control	NOUN
fbem-30511	160	24	variables	variable	NOUN
fbem-30511	160	25	yes	yes	INTJ
fbem-30511	161	1	yes	yes	INTJ
fbem-30511	162	1	yes	yes	INTJ
fbem-30511	163	1	yes	yes	INTJ
fbem-30511	164	1	yes	yes	INTJ
fbem-30511	164	2	yes	yes	INTJ
fbem-30511	164	3	industry	industry	NOUN
fbem-30511	165	1	yes	yes	INTJ
fbem-30511	166	1	yes	yes	INTJ
fbem-30511	167	1	yes	yes	INTJ
fbem-30511	168	1	yes	yes	INTJ
fbem-30511	169	1	yes	yes	INTJ
fbem-30511	170	1	yes	yes	INTJ
fbem-30511	170	2	year	year	NOUN
fbem-30511	171	1	yes	yes	INTJ
fbem-30511	172	1	yes	yes	INTJ
fbem-30511	173	1	yes	yes	INTJ
fbem-30511	174	1	yes	yes	INTJ
fbem-30511	175	1	yes	yes	INTJ
fbem-30511	175	2	yes	yes	INTJ
fbem-30511	175	3	observations	observation	NOUN
fbem-30511	175	4	1,369	1,369	NUM
fbem-30511	175	5	707	707	NUM
fbem-30511	175	6	1,370	1,370	NUM
fbem-30511	175	7	706	706	NUM
fbem-30511	175	8	1,771	1,771	NUM
fbem-30511	175	9	305	305	NUM
fbem-30511	175	10	r	r	NOUN
fbem-30511	175	11	-	-	PUNCT
fbem-30511	175	12	squared	square	VERB
fbem-30511	175	13	0.379	0.379	NUM
fbem-30511	175	14	0.481	0.481	NUM
fbem-30511	175	15	0.390	0.390	NUM
fbem-30511	175	16	0.464	0.464	NUM
fbem-30511	175	17	0.392	0.392	NUM
fbem-30511	175	18	0.516	0.516	NUM
fbem-30511	175	19	note	note	NOUN
fbem-30511	175	20	:	:	PUNCT
fbem-30511	175	21	*	*	PUNCT
fbem-30511	175	22	*	*	PUNCT
fbem-30511	175	23	*	*	PUNCT
fbem-30511	175	24	,	,	PUNCT
fbem-30511	175	25	*	*	PUNCT
fbem-30511	175	26	*	*	PUNCT
fbem-30511	175	27	,	,	PUNCT
fbem-30511	175	28	*	*	PUNCT
fbem-30511	175	29	represent	represent	VERB
fbem-30511	175	30	significance	significance	NOUN
fbem-30511	175	31	at	at	ADP
fbem-30511	175	32	the	the	DET
fbem-30511	175	33	1	1	NUM
fbem-30511	175	34	%	%	NOUN
fbem-30511	175	35	,	,	PUNCT
fbem-30511	175	36	5	5	NUM
fbem-30511	175	37	%	%	NOUN
fbem-30511	175	38	,	,	PUNCT
fbem-30511	175	39	10	10	NUM
fbem-30511	175	40	%	%	NOUN
fbem-30511	175	41	levels	level	NOUN
fbem-30511	175	42	respectively	respectively	ADV
fbem-30511	175	43	,	,	PUNCT
fbem-30511	175	44	with	with	ADP
fbem-30511	175	45	t	t	NOUN
fbem-30511	175	46	-	-	PUNCT
fbem-30511	175	47	values	value	NOUN
fbem-30511	175	48	in	in	ADP
fbem-30511	175	49	parentheses	parenthesis	NOUN
fbem-30511	175	50	.	.	PUNCT
fbem-30511	176	1	5	5	X
fbem-30511	176	2	.	.	X
fbem-30511	176	3	conclusions	conclusion	NOUN
fbem-30511	176	4	5.1	5.1	NUM
fbem-30511	176	5	.	.	PUNCT
fbem-30511	177	1	conclusions	conclusion	NOUN
fbem-30511	177	2	this	this	DET
fbem-30511	177	3	study	study	NOUN
fbem-30511	177	4	utilizes	utilize	VERB
fbem-30511	177	5	a	a	DET
fbem-30511	177	6	-	-	PUNCT
fbem-30511	177	7	share	share	NOUN
fbem-30511	177	8	listed	list	VERB
fbem-30511	177	9	companies	company	NOUN
fbem-30511	177	10	in	in	ADP
fbem-30511	177	11	china	china	PROPN
fbem-30511	177	12	that	that	PRON
fbem-30511	177	13	underwent	undergo	VERB
fbem-30511	177	14	major	major	ADJ
fbem-30511	177	15	asset	asset	NOUN
fbem-30511	177	16	restructuring	restructuring	NOUN
fbem-30511	177	17	from	from	ADP
fbem-30511	177	18	2011	2011	NUM
fbem-30511	177	19	to	to	ADP
fbem-30511	177	20	2021	2021	NUM
fbem-30511	177	21	as	as	ADP
fbem-30511	177	22	samples	sample	NOUN
fbem-30511	177	23	to	to	PART
fbem-30511	177	24	investigate	investigate	VERB
fbem-30511	177	25	the	the	DET
fbem-30511	177	26	impact	impact	NOUN
fbem-30511	177	27	of	of	ADP
fbem-30511	177	28	m&a	m&a	PROPN
fbem-30511	177	29	premiums	premium	NOUN
fbem-30511	177	30	on	on	ADP
fbem-30511	177	31	corporate	corporate	ADJ
fbem-30511	177	32	growth	growth	NOUN
fbem-30511	177	33	.	.	PUNCT
fbem-30511	178	1	research	research	NOUN
fbem-30511	178	2	has	have	AUX
fbem-30511	178	3	found	find	VERB
fbem-30511	178	4	a	a	DET
fbem-30511	178	5	significant	significant	ADJ
fbem-30511	178	6	positive	positive	ADJ
fbem-30511	178	7	correlation	correlation	NOUN
fbem-30511	178	8	between	between	ADP
fbem-30511	178	9	m&a	m&a	PROPN
fbem-30511	178	10	premiums	premium	NOUN
fbem-30511	178	11	and	and	CCONJ
fbem-30511	178	12	corporate	corporate	ADJ
fbem-30511	178	13	growth	growth	NOUN
fbem-30511	178	14	,	,	PUNCT
fbem-30511	178	15	indicating	indicate	VERB
fbem-30511	178	16	that	that	SCONJ
fbem-30511	178	17	m&a	m&a	PROPN
fbem-30511	178	18	premiums	premium	NOUN
fbem-30511	178	19	can	can	AUX
fbem-30511	178	20	significantly	significantly	ADV
fbem-30511	178	21	promote	promote	VERB
fbem-30511	178	22	corporate	corporate	ADJ
fbem-30511	178	23	growth	growth	NOUN
fbem-30511	178	24	.	.	PUNCT
fbem-30511	179	1	further	further	ADJ
fbem-30511	179	2	analysis	analysis	NOUN
fbem-30511	179	3	reveals	reveal	VERB
fbem-30511	179	4	that	that	SCONJ
fbem-30511	179	5	the	the	DET
fbem-30511	179	6	impact	impact	NOUN
fbem-30511	179	7	of	of	ADP
fbem-30511	179	8	m&a	m&a	PROPN
fbem-30511	179	9	premiums	premium	NOUN
fbem-30511	179	10	on	on	ADP
fbem-30511	179	11	corporate	corporate	ADJ
fbem-30511	179	12	growth	growth	NOUN
fbem-30511	179	13	varies	vary	VERB
fbem-30511	179	14	significantly	significantly	ADV
fbem-30511	179	15	.	.	PUNCT
fbem-30511	180	1	specifically	specifically	ADV
fbem-30511	180	2	,	,	PUNCT
fbem-30511	180	3	the	the	DET
fbem-30511	180	4	promotion	promotion	NOUN
fbem-30511	180	5	effect	effect	NOUN
fbem-30511	180	6	of	of	ADP
fbem-30511	180	7	m&a	m&a	PROPN
fbem-30511	180	8	premiums	premium	NOUN
fbem-30511	180	9	on	on	ADP
fbem-30511	180	10	corporate	corporate	ADJ
fbem-30511	180	11	growth	growth	NOUN
fbem-30511	180	12	is	be	AUX
fbem-30511	180	13	more	more	ADV
fbem-30511	180	14	pronounced	pronounced	ADJ
fbem-30511	180	15	in	in	ADP
fbem-30511	180	16	non	non	ADJ
fbem-30511	180	17	-	-	ADJ
fbem-30511	180	18	state	state	NOUN
fbem-30511	180	19	-	-	PUNCT
fbem-30511	180	20	owned	own	VERB
fbem-30511	180	21	enterprises	enterprise	NOUN
fbem-30511	180	22	,	,	PUNCT
fbem-30511	180	23	m&as	m&as	NOUN
fbem-30511	180	24	paid	pay	VERB
fbem-30511	180	25	for	for	ADP
fbem-30511	180	26	in	in	ADP
fbem-30511	180	27	cash	cash	NOUN
fbem-30511	180	28	,	,	PUNCT
fbem-30511	180	29	and	and	CCONJ
fbem-30511	180	30	non	non	ADJ
fbem-30511	180	31	-	-	ADJ
fbem-30511	180	32	related	related	ADJ
fbem-30511	180	33	m&as	m&as	NOUN
fbem-30511	180	34	.	.	PUNCT
fbem-30511	181	1	this	this	DET
fbem-30511	181	2	paper	paper	NOUN
fbem-30511	181	3	provides	provide	VERB
fbem-30511	181	4	evidence	evidence	NOUN
fbem-30511	181	5	to	to	PART
fbem-30511	181	6	help	help	VERB
fbem-30511	181	7	managers	manager	NOUN
fbem-30511	181	8	ensure	ensure	VERB
fbem-30511	181	9	the	the	DET
fbem-30511	181	10	success	success	NOUN
fbem-30511	181	11	of	of	ADP
fbem-30511	181	12	m&a	m&a	PROPN
fbem-30511	181	13	premiums	premium	NOUN
fbem-30511	181	14	.	.	PUNCT
fbem-30511	182	1	in	in	ADP
fbem-30511	182	2	china	china	PROPN
fbem-30511	182	3	,	,	PUNCT
fbem-30511	182	4	it	it	PRON
fbem-30511	182	5	is	be	AUX
fbem-30511	182	6	advisable	advisable	ADJ
fbem-30511	182	7	for	for	SCONJ
fbem-30511	182	8	managers	manager	NOUN
fbem-30511	182	9	to	to	PART
fbem-30511	182	10	engage	engage	VERB
fbem-30511	182	11	in	in	ADP
fbem-30511	182	12	m&a	m&a	PROPN
fbem-30511	182	13	transactions	transaction	NOUN
fbem-30511	182	14	by	by	ADP
fbem-30511	182	15	paying	pay	VERB
fbem-30511	182	16	cash	cash	NOUN
fbem-30511	182	17	and	and	CCONJ
fbem-30511	182	18	acquiring	acquire	VERB
fbem-30511	182	19	non	non	ADJ
fbem-30511	182	20	-	-	ADJ
fbem-30511	182	21	related	related	ADJ
fbem-30511	182	22	businesses	business	NOUN
fbem-30511	182	23	.	.	PUNCT
fbem-30511	183	1	5.2	5.2	NUM
fbem-30511	183	2	.	.	PUNCT
fbem-30511	183	3	limitations	limitation	NOUN
fbem-30511	183	4	and	and	CCONJ
fbem-30511	183	5	future	future	ADJ
fbem-30511	183	6	research	research	NOUN
fbem-30511	183	7	the	the	DET
fbem-30511	183	8	following	follow	VERB
fbem-30511	183	9	limitations	limitation	NOUN
fbem-30511	183	10	exist	exist	VERB
fbem-30511	183	11	in	in	ADP
fbem-30511	183	12	the	the	DET
fbem-30511	183	13	study	study	NOUN
fbem-30511	183	14	and	and	CCONJ
fbem-30511	183	15	are	be	AUX
fbem-30511	183	16	also	also	ADV
fbem-30511	183	17	our	our	PRON
fbem-30511	183	18	directions	direction	NOUN
fbem-30511	183	19	for	for	ADP
fbem-30511	183	20	further	further	ADJ
fbem-30511	183	21	research	research	NOUN
fbem-30511	183	22	:	:	PUNCT
fbem-30511	183	23	firstly	firstly	ADV
fbem-30511	183	24	,	,	PUNCT
fbem-30511	183	25	overall	overall	ADV
fbem-30511	183	26	,	,	PUNCT
fbem-30511	183	27	our	our	PRON
fbem-30511	183	28	research	research	NOUN
fbem-30511	183	29	has	have	AUX
fbem-30511	183	30	found	find	VERB
fbem-30511	183	31	that	that	SCONJ
fbem-30511	183	32	m&a	m&a	PROPN
fbem-30511	183	33	premiums	premium	NOUN
fbem-30511	183	34	significantly	significantly	ADV
fbem-30511	183	35	affect	affect	VERB
fbem-30511	183	36	corporate	corporate	ADJ
fbem-30511	183	37	growth	growth	NOUN
fbem-30511	183	38	.	.	PUNCT
fbem-30511	184	1	however	however	ADV
fbem-30511	184	2	,	,	PUNCT
fbem-30511	184	3	further	further	ADJ
fbem-30511	184	4	refinement	refinement	NOUN
fbem-30511	184	5	is	be	AUX
fbem-30511	184	6	needed	need	VERB
fbem-30511	184	7	in	in	ADP
fbem-30511	184	8	the	the	DET
fbem-30511	184	9	research	research	NOUN
fbem-30511	184	10	to	to	PART
fbem-30511	184	11	explore	explore	VERB
fbem-30511	184	12	how	how	SCONJ
fbem-30511	184	13	different	different	ADJ
fbem-30511	184	14	degrees	degree	NOUN
fbem-30511	184	15	of	of	ADP
fbem-30511	184	16	m&a	m&a	PROPN
fbem-30511	184	17	premiums	premium	NOUN
fbem-30511	184	18	impact	impact	VERB
fbem-30511	184	19	corporate	corporate	ADJ
fbem-30511	184	20	growth	growth	NOUN
fbem-30511	184	21	.	.	PUNCT
fbem-30511	185	1	secondly	secondly	ADV
fbem-30511	185	2	,	,	PUNCT
fbem-30511	185	3	corporate	corporate	ADJ
fbem-30511	185	4	growth	growth	NOUN
fbem-30511	185	5	is	be	AUX
fbem-30511	185	6	a	a	DET
fbem-30511	185	7	comprehensive	comprehensive	ADJ
fbem-30511	185	8	evaluation	evaluation	NOUN
fbem-30511	185	9	indicator	indicator	NOUN
fbem-30511	185	10	.	.	PUNCT
fbem-30511	186	1	the	the	DET
fbem-30511	186	2	practice	practice	NOUN
fbem-30511	186	3	of	of	ADP
fbem-30511	186	4	using	use	VERB
fbem-30511	186	5	tobin	tobin	NOUN
fbem-30511	186	6	's	's	PART
fbem-30511	186	7	q	q	NOUN
fbem-30511	186	8	value	value	NOUN
fbem-30511	186	9	as	as	ADP
fbem-30511	186	10	its	its	PRON
fbem-30511	186	11	proxy	proxy	ADJ
fbem-30511	186	12	indicator	indicator	NOUN
fbem-30511	186	13	in	in	ADP
fbem-30511	186	14	our	our	PRON
fbem-30511	186	15	study	study	NOUN
fbem-30511	186	16	seems	seem	VERB
fbem-30511	186	17	simplistic	simplistic	ADJ
fbem-30511	186	18	.	.	PUNCT
fbem-30511	187	1	in	in	ADP
fbem-30511	187	2	the	the	DET
fbem-30511	187	3	future	future	NOUN
fbem-30511	187	4	,	,	PUNCT
fbem-30511	187	5	we	we	PRON
fbem-30511	187	6	will	will	AUX
fbem-30511	187	7	continue	continue	VERB
fbem-30511	187	8	to	to	PART
fbem-30511	187	9	explore	explore	VERB
fbem-30511	187	10	more	more	ADV
fbem-30511	187	11	effective	effective	ADJ
fbem-30511	187	12	measures	measure	NOUN
fbem-30511	187	13	for	for	ADP
fbem-30511	187	14	assessing	assess	VERB
fbem-30511	187	15	corporate	corporate	ADJ
fbem-30511	187	16	growth	growth	NOUN
fbem-30511	187	17	.	.	PUNCT
fbem-30511	188	1	finally	finally	ADV
fbem-30511	188	2	,	,	PUNCT
fbem-30511	188	3	the	the	DET
fbem-30511	188	4	post	post	ADJ
fbem-30511	188	5	-	-	ADJ
fbem-30511	188	6	merger	merger	ADJ
fbem-30511	188	7	growth	growth	NOUN
fbem-30511	188	8	performance	performance	NOUN
fbem-30511	188	9	of	of	ADP
fbem-30511	188	10	companies	company	NOUN
fbem-30511	188	11	is	be	AUX
fbem-30511	188	12	influenced	influence	VERB
fbem-30511	188	13	by	by	ADP
fbem-30511	188	14	various	various	ADJ
fbem-30511	188	15	factors	factor	NOUN
fbem-30511	188	16	such	such	ADJ
fbem-30511	188	17	as	as	ADP
fbem-30511	188	18	management	management	NOUN
fbem-30511	188	19	capabilities	capability	NOUN
fbem-30511	188	20	,	,	PUNCT
fbem-30511	188	21	corporate	corporate	ADJ
fbem-30511	188	22	culture	culture	NOUN
fbem-30511	188	23	,	,	PUNCT
fbem-30511	188	24	technological	technological	ADJ
fbem-30511	188	25	innovation	innovation	NOUN
fbem-30511	188	26	,	,	PUNCT
fbem-30511	188	27	and	and	CCONJ
fbem-30511	188	28	resource	resource	NOUN
fbem-30511	188	29	integration	integration	NOUN
fbem-30511	188	30	.	.	PUNCT
fbem-30511	189	1	therefore	therefore	ADV
fbem-30511	189	2	,	,	PUNCT
fbem-30511	189	3	we	we	PRON
fbem-30511	189	4	will	will	AUX
fbem-30511	189	5	actively	actively	ADV
fbem-30511	189	6	explore	explore	VERB
fbem-30511	189	7	the	the	DET
fbem-30511	189	8	mechanism	mechanism	NOUN
fbem-30511	189	9	of	of	ADP
fbem-30511	189	10	how	how	SCONJ
fbem-30511	189	11	different	different	ADJ
fbem-30511	189	12	factors	factor	NOUN
fbem-30511	189	13	affect	affect	VERB
fbem-30511	189	14	post	post	ADJ
fbem-30511	189	15	-	-	ADJ
fbem-30511	189	16	merger	merger	ADJ
fbem-30511	189	17	corporate	corporate	ADJ
fbem-30511	189	18	growth	growth	NOUN
fbem-30511	189	19	through	through	ADP
fbem-30511	189	20	quantitative	quantitative	ADJ
fbem-30511	189	21	empirical	empirical	ADJ
fbem-30511	189	22	methods	method	NOUN
fbem-30511	189	23	.	.	PUNCT
fbem-30511	190	1	references	reference	NOUN
fbem-30511	190	2	[	[	X
fbem-30511	190	3	1	1	NUM
fbem-30511	190	4	]	]	X
fbem-30511	190	5	adra	adra	PROPN
fbem-30511	190	6	,	,	PUNCT
fbem-30511	190	7	s.	s.	PROPN
fbem-30511	190	8	,	,	PUNCT
fbem-30511	190	9	and	and	CCONJ
fbem-30511	190	10	l.	l.	PROPN
fbem-30511	190	11	g.	g.	PROPN
fbem-30511	190	12	barbopoulos	barbopoulos	PROPN
fbem-30511	190	13	.	.	PUNCT
fbem-30511	190	14	2018	2018	NUM
fbem-30511	190	15	,	,	PUNCT
fbem-30511	190	16	“	"	PUNCT
fbem-30511	190	17	the	the	DET
fbem-30511	190	18	valuation	valuation	NOUN
fbem-30511	190	19	effects	effect	NOUN
fbem-30511	190	20	of	of	ADP
fbem-30511	190	21	investor	investor	NOUN
fbem-30511	190	22	attention	attention	NOUN
fbem-30511	190	23	in	in	ADP
fbem-30511	190	24	stock	stock	NOUN
fbem-30511	190	25	-	-	PUNCT
fbem-30511	190	26	financed	finance	VERB
fbem-30511	190	27	acquisitions	acquisition	NOUN
fbem-30511	190	28	”	"	PUNCT
fbem-30511	190	29	,	,	PUNCT
fbem-30511	190	30	journal	journal	NOUN
fbem-30511	190	31	of	of	ADP
fbem-30511	190	32	empirical	empirical	ADJ
fbem-30511	190	33	finance	finance	NOUN
fbem-30511	190	34	,	,	PUNCT
fbem-30511	190	35	45	45	NUM
fbem-30511	190	36	,	,	PUNCT
fbem-30511	190	37	108—125	108—125	NOUN
fbem-30511	190	38	.	.	PUNCT
fbem-30511	191	1	[	[	X
fbem-30511	191	2	2	2	NUM
fbem-30511	191	3	]	]	PUNCT
fbem-30511	191	4	bruner	bruner	PROPN
fbem-30511	191	5	r	r	PROPN
fbem-30511	191	6	f.	f.	PROPN
fbem-30511	191	7	2002	2002	NUM
fbem-30511	191	8	,	,	PUNCT
fbem-30511	191	9	“	"	PUNCT
fbem-30511	191	10	does	do	AUX
fbem-30511	191	11	m&a	m&a	PROPN
fbem-30511	191	12	pay	pay	VERB
fbem-30511	191	13	:	:	PUNCT
fbem-30511	191	14	a	a	DET
fbem-30511	191	15	survey	survey	NOUN
fbem-30511	191	16	of	of	ADP
fbem-30511	191	17	evidence	evidence	NOUN
fbem-30511	191	18	for	for	ADP
fbem-30511	191	19	the	the	DET
fbem-30511	191	20	decisions	decision	NOUN
fbem-30511	191	21	maker	maker	NOUN
fbem-30511	191	22	”	"	PUNCT
fbem-30511	191	23	.	.	PUNCT
fbem-30511	192	1	working	work	VERB
fbem-30511	192	2	paper	paper	NOUN
fbem-30511	192	3	.	.	PUNCT
fbem-30511	193	1	[	[	X
fbem-30511	193	2	3	3	X
fbem-30511	193	3	]	]	X
fbem-30511	193	4	chen	chen	PROPN
fbem-30511	193	5	s.	s.	PROPN
fbem-30511	193	6	,	,	PUNCT
fbem-30511	193	7	lu	lu	PROPN
fbem-30511	193	8	c.	c.	PROPN
fbem-30511	193	9	,	,	PUNCT
fbem-30511	193	10	jiang	jiang	PROPN
fbem-30511	193	11	c	c	PROPN
fbem-30511	193	12	,	,	PUNCT
fbem-30511	193	13	etc	etc	X
fbem-30511	193	14	.	.	X
fbem-30511	193	15	2015	2015	NUM
fbem-30511	193	16	,	,	PUNCT
fbem-30511	193	17	“	"	PUNCT
fbem-30511	193	18	the	the	DET
fbem-30511	193	19	impact	impact	NOUN
fbem-30511	193	20	of	of	ADP
fbem-30511	193	21	executives	executive	NOUN
fbem-30511	193	22	'	'	PART
fbem-30511	193	23	political	political	ADJ
fbem-30511	193	24	promotion	promotion	NOUN
fbem-30511	193	25	on	on	ADP
fbem-30511	193	26	m	m	PROPN
fbem-30511	193	27	&	&	CCONJ
fbem-30511	193	28	a	a	DET
fbem-30511	193	29	behavior	behavior	NOUN
fbem-30511	193	30	in	in	ADP
fbem-30511	193	31	state	state	NOUN
fbem-30511	193	32	-	-	PUNCT
fbem-30511	193	33	owned	own	VERB
fbem-30511	193	34	enterprises	enterprise	NOUN
fbem-30511	193	35	:	:	PUNCT
fbem-30511	193	36	an	an	DET
fbem-30511	193	37	empirical	empirical	ADJ
fbem-30511	193	38	study	study	NOUN
fbem-30511	193	39	based	base	VERB
fbem-30511	193	40	on	on	ADP
fbem-30511	193	41	the	the	DET
fbem-30511	193	42	theory	theory	NOUN
fbem-30511	193	43	of	of	ADP
fbem-30511	193	44	enterprise	enterprise	NOUN
fbem-30511	193	45	growth	growth	NOUN
fbem-30511	193	46	pressure	pressure	NOUN
fbem-30511	193	47	”	"	PUNCT
fbem-30511	193	48	.	.	PUNCT
fbem-30511	194	1	journal	journal	PROPN
fbem-30511	194	2	of	of	ADP
fbem-30511	194	3	management	management	NOUN
fbem-30511	194	4	world	world	NOUN
fbem-30511	194	5	,	,	PUNCT
fbem-30511	194	6	9	9	NUM
fbem-30511	194	7	,	,	PUNCT
fbem-30511	194	8	125	125	NUM
fbem-30511	194	9	-	-	SYM
fbem-30511	194	10	136	136	NUM
fbem-30511	194	11	.	.	PUNCT
fbem-30511	195	1	[	[	X
fbem-30511	195	2	4	4	X
fbem-30511	195	3	]	]	X
fbem-30511	195	4	chen	chen	PROPN
fbem-30511	195	5	y.	y.	PROPN
fbem-30511	195	6	,	,	PUNCT
fbem-30511	195	7	dan	dan	PROPN
fbem-30511	195	8	x.	x.	PROPN
fbem-30511	195	9	,	,	PUNCT
fbem-30511	195	10	ye	ye	PRON
fbem-30511	195	11	t.	t.	PROPN
fbem-30511	195	12	2023	2023	NUM
fbem-30511	195	13	,	,	PUNCT
fbem-30511	195	14	“	"	PUNCT
fbem-30511	195	15	financial	financial	ADJ
fbem-30511	195	16	risks	risk	NOUN
fbem-30511	195	17	in	in	ADP
fbem-30511	195	18	mergers	merger	NOUN
fbem-30511	195	19	and	and	CCONJ
fbem-30511	195	20	acquisitions	acquisition	NOUN
fbem-30511	195	21	and	and	CCONJ
fbem-30511	195	22	countermeasures	countermeasure	NOUN
fbem-30511	195	23	”	"	PUNCT
fbem-30511	195	24	,	,	PUNCT
fbem-30511	195	25	jiangsu	jiangsu	PROPN
fbem-30511	195	26	commercial	commercial	PROPN
fbem-30511	195	27	forum	forum	PROPN
fbem-30511	195	28	,	,	PUNCT
fbem-30511	195	29	3	3	NUM
fbem-30511	195	30	,	,	PUNCT
fbem-30511	195	31	121	121	NUM
fbem-30511	195	32	-	-	SYM
fbem-30511	195	33	123	123	NUM
fbem-30511	195	34	.	.	PUNCT
fbem-30511	196	1	[	[	X
fbem-30511	196	2	5	5	X
fbem-30511	196	3	]	]	PUNCT
fbem-30511	196	4	elazar	elazar	NOUN
fbem-30511	196	5	berkovitvh	berkovitvh	NOUN
fbem-30511	196	6	,	,	PUNCT
fbem-30511	196	7	naveen	naveen	PROPN
fbem-30511	196	8	khanna	khanna	PROPN
fbem-30511	196	9	.	.	PUNCT
fbem-30511	197	1	1985	1985	NUM
fbem-30511	197	2	,	,	PUNCT
fbem-30511	197	3	“	"	PUNCT
fbem-30511	197	4	a	a	DET
fbem-30511	197	5	theory	theory	NOUN
fbem-30511	197	6	of	of	ADP
fbem-30511	197	7	acquisition	acquisition	NOUN
fbem-30511	197	8	markets	market	NOUN
fbem-30511	197	9	mergers	merger	NOUN
fbem-30511	197	10	vs.	vs.	ADP
fbem-30511	197	11	tender	tender	NOUN
fbem-30511	197	12	offers	offer	NOUN
fbem-30511	197	13	”	"	PUNCT
fbem-30511	197	14	.	.	PUNCT
fbem-30511	198	1	discussion	discussion	NOUN
fbem-30511	198	2	paper	paper	NOUN
fbem-30511	198	3	,	,	PUNCT
fbem-30511	198	4	667	667	NUM
fbem-30511	198	5	,	,	PUNCT
fbem-30511	198	6	1	1	NUM
fbem-30511	198	7	-	-	SYM
fbem-30511	198	8	31	31	NUM
fbem-30511	198	9	.	.	PUNCT
fbem-30511	199	1	[	[	X
fbem-30511	199	2	6	6	NUM
fbem-30511	199	3	]	]	X
fbem-30511	199	4	karampatsas	karampatsa	NOUN
fbem-30511	199	5	,	,	PUNCT
fbem-30511	199	6	n.	n.	NOUN
fbem-30511	199	7	,	,	PUNCT
fbem-30511	199	8	petmezas	petmezas	INTJ
fbem-30511	199	9	,	,	PUNCT
fbem-30511	199	10	d.	d.	PROPN
fbem-30511	199	11	and	and	CCONJ
fbem-30511	199	12	travlos	travlos	PROPN
fbem-30511	199	13	,	,	PUNCT
fbem-30511	199	14	n.	n.	PROPN
fbem-30511	199	15	g.	g.	PROPN
fbem-30511	199	16	2014	2014	NUM
fbem-30511	199	17	,	,	PUNCT
fbem-30511	199	18	“	"	PUNCT
fbem-30511	199	19	credit	credit	NOUN
fbem-30511	199	20	ratings	rating	NOUN
fbem-30511	199	21	and	and	CCONJ
fbem-30511	199	22	the	the	DET
fbem-30511	199	23	choice	choice	NOUN
fbem-30511	199	24	of	of	ADP
fbem-30511	199	25	payment	payment	NOUN
fbem-30511	199	26	method	method	NOUN
fbem-30511	199	27	in	in	ADP
fbem-30511	199	28	mergers	merger	NOUN
fbem-30511	199	29	and	and	CCONJ
fbem-30511	199	30	acquisitions	acquisition	NOUN
fbem-30511	199	31	”	"	PUNCT
fbem-30511	199	32	.	.	PUNCT
fbem-30511	200	1	journal	journal	NOUN
fbem-30511	200	2	of	of	ADP
fbem-30511	200	3	corporate	corporate	ADJ
fbem-30511	200	4	finance	finance	NOUN
fbem-30511	200	5	,	,	PUNCT
fbem-30511	200	6	vol.25	vol.25	ADJ
fbem-30511	200	7	,	,	PUNCT
fbem-30511	200	8	no	no	INTJ
fbem-30511	200	9	.	.	PUNCT
fbem-30511	201	1	c.	c.	PROPN
fbem-30511	202	1	[	[	X
fbem-30511	202	2	7	7	X
fbem-30511	202	3	]	]	X
fbem-30511	202	4	kim	kim	PROPN
fbem-30511	202	5	j	j	PROPN
fbem-30511	202	6	,	,	PUNCT
fbem-30511	202	7	haleblian	haleblian	PROPN
fbem-30511	202	8	j	j	PROPN
fbem-30511	202	9	,	,	PUNCT
fbem-30511	202	10	finkelstien	finkelstien	PROPN
fbem-30511	202	11	s.	s.	PROPN
fbem-30511	202	12	2011	2011	NUM
fbem-30511	202	13	,	,	PUNCT
fbem-30511	202	14	“	"	PUNCT
fbem-30511	202	15	when	when	SCONJ
fbem-30511	202	16	firms	firm	NOUN
fbem-30511	202	17	are	be	AUX
fbem-30511	202	18	desperate	desperate	ADJ
fbem-30511	202	19	to	to	PART
fbem-30511	202	20	grow	grow	VERB
fbem-30511	202	21	via	via	ADP
fbem-30511	202	22	acquisition	acquisition	NOUN
fbem-30511	202	23	”	"	PUNCT
fbem-30511	202	24	.	.	PUNCT
fbem-30511	203	1	administrative	administrative	ADJ
fbem-30511	203	2	science	science	PROPN
fbem-30511	203	3	quarterly	quarterly	ADV
fbem-30511	203	4	,	,	PUNCT
fbem-30511	203	5	56(1	56(1	NUM
fbem-30511	203	6	)	)	PUNCT
fbem-30511	203	7	,	,	PUNCT
fbem-30511	203	8	26	26	NUM
fbem-30511	203	9	-	-	SYM
fbem-30511	203	10	60	60	NUM
fbem-30511	203	11	.	.	PUNCT
fbem-30511	204	1	[	[	X
fbem-30511	204	2	8	8	X
fbem-30511	204	3	]	]	X
fbem-30511	204	4	kothari	kothari	PROPN
fbem-30511	204	5	s.	s.	PROPN
fbem-30511	204	6	p.	p.	PROPN
fbem-30511	204	7	,	,	PUNCT
fbem-30511	204	8	jerold	jerold	PROPN
fbem-30511	204	9	b.	b.	PROPN
fbem-30511	204	10	warner	warner	PROPN
fbem-30511	204	11	.	.	PUNCT
fbem-30511	205	1	2006	2006	NUM
fbem-30511	205	2	,	,	PUNCT
fbem-30511	205	3	“	"	PUNCT
fbem-30511	205	4	econometrics	econometric	NOUN
fbem-30511	205	5	of	of	ADP
fbem-30511	205	6	event	event	NOUN
fbem-30511	205	7	studies	study	NOUN
fbem-30511	205	8	.	.	PUNCT
fbem-30511	206	1	in	in	ADP
fbem-30511	206	2	:	:	PUNCT
fbem-30511	206	3	eckbo	eckbo	PROPN
fbem-30511	206	4	,	,	PUNCT
fbem-30511	206	5	handbook	handbook	NOUN
fbem-30511	206	6	of	of	ADP
fbem-30511	206	7	corporate	corporate	ADJ
fbem-30511	206	8	finance	finance	NOUN
fbem-30511	206	9	:	:	PUNCT
fbem-30511	206	10	empirical	empirical	ADJ
fbem-30511	206	11	corporate	corporate	ADJ
fbem-30511	206	12	finance	finance	NOUN
fbem-30511	206	13	”	"	PUNCT
fbem-30511	206	14	,	,	PUNCT
fbem-30511	206	15	volume	volume	VERB
fbem-30511	206	16	a	a	DET
fbem-30511	206	17	elsevier	elsevier	PROPN
fbem-30511	206	18	/	/	SYM
fbem-30511	206	19	north	north	PROPN
fbem-30511	206	20	-	-	PUNCT
fbem-30511	206	21	holland	holland	NOUN
fbem-30511	206	22	.	.	PUNCT
fbem-30511	207	1	[	[	X
fbem-30511	207	2	9	9	X
fbem-30511	207	3	]	]	X
fbem-30511	207	4	liu	liu	PROPN
fbem-30511	207	5	j.	j.	PROPN
fbem-30511	207	6	2014	2014	NUM
fbem-30511	207	7	,	,	PUNCT
fbem-30511	207	8	“	"	PUNCT
fbem-30511	207	9	ownership	ownership	NOUN
fbem-30511	207	10	advantage	advantage	NOUN
fbem-30511	207	11	,	,	PUNCT
fbem-30511	207	12	relative	relative	ADJ
fbem-30511	207	13	scale	scale	NOUN
fbem-30511	207	14	and	and	CCONJ
fbem-30511	207	15	acquisition	acquisition	NOUN
fbem-30511	207	16	premium	premium	NOUN
fbem-30511	207	17	—	—	PUNCT
fbem-30511	207	18	an	an	DET
fbem-30511	207	19	empirical	empirical	ADJ
fbem-30511	207	20	study	study	NOUN
fbem-30511	207	21	on	on	ADP
fbem-30511	207	22	m&a	m&a	PROPN
fbem-30511	207	23	cases	case	NOUN
fbem-30511	207	24	of	of	ADP
fbem-30511	207	25	a	a	DET
fbem-30511	207	26	-	-	PUNCT
fbem-30511	207	27	share	share	NOUN
fbem-30511	207	28	listed	list	VERB
fbem-30511	207	29	companies	company	NOUN
fbem-30511	207	30	in	in	ADP
fbem-30511	207	31	china	china	PROPN
fbem-30511	207	32	”	"	PUNCT
fbem-30511	207	33	.	.	PUNCT
fbem-30511	208	1	liaoning	liaoning	PROPN
fbem-30511	208	2	province	province	PROPN
fbem-30511	208	3	:	:	PUNCT
fbem-30511	208	4	dongbei	dongbei	PROPN
fbem-30511	208	5	university	university	PROPN
fbem-30511	208	6	of	of	ADP
fbem-30511	208	7	finance	finance	NOUN
fbem-30511	208	8	and	and	CCONJ
fbem-30511	208	9	economics	economic	NOUN
fbem-30511	208	10	,	,	PUNCT
fbem-30511	208	11	1	1	NUM
fbem-30511	208	12	-	-	SYM
fbem-30511	208	13	69	69	NUM
fbem-30511	208	14	.	.	PUNCT
fbem-30511	209	1	[	[	X
fbem-30511	209	2	10	10	NUM
fbem-30511	209	3	]	]	X
fbem-30511	209	4	pei	pei	PROPN
fbem-30511	209	5	x.	x.	PROPN
fbem-30511	209	6	,	,	PUNCT
fbem-30511	209	7	gao	gao	PROPN
fbem-30511	209	8	y.	y.	PROPN
fbem-30511	209	9	,	,	PUNCT
fbem-30511	209	10	zhao	zhao	PROPN
fbem-30511	209	11	l.	l.	PROPN
fbem-30511	209	12	2022	2022	NUM
fbem-30511	209	13	,	,	PUNCT
fbem-30511	209	14	“	"	PUNCT
fbem-30511	209	15	research	research	NOUN
fbem-30511	209	16	hotspots	hotspot	NOUN
fbem-30511	209	17	and	and	CCONJ
fbem-30511	209	18	evolution	evolution	NOUN
fbem-30511	209	19	analysis	analysis	NOUN
fbem-30511	209	20	of	of	ADP
fbem-30511	209	21	chinese	chinese	ADJ
fbem-30511	209	22	domestic	domestic	ADJ
fbem-30511	209	23	m	m	PROPN
fbem-30511	209	24	&	&	CCONJ
fbem-30511	209	25	a	a	DET
fbem-30511	209	26	premium	premium	NOUN
fbem-30511	209	27	.	.	PUNCT
fbem-30511	210	1	j.	j.	PROPN
fbem-30511	210	2	co	co	PROPN
fbem-30511	210	3	-	-	PROPN
fbem-30511	210	4	oerativeconomy	oerativeconomy	ADJ
fbem-30511	210	5	&	&	CCONJ
fbem-30511	210	6	science	science	PROPN
fbem-30511	210	7	”	"	PUNCT
fbem-30511	210	8	,	,	PUNCT
fbem-30511	210	9	12,106	12,106	NUM
fbem-30511	210	10	-	-	SYM
fbem-30511	210	11	107	107	NUM
fbem-30511	210	12	.	.	PUNCT
fbem-30511	211	1	[	[	X
fbem-30511	211	2	11	11	NUM
fbem-30511	211	3	]	]	PUNCT
fbem-30511	211	4	rau	rau	PROPN
fbem-30511	211	5	r.	r.	PROPN
fbem-30511	211	6	p.	p.	PROPN
fbem-30511	211	7	,	,	PUNCT
fbem-30511	211	8	t.	t.	PROPN
fbem-30511	211	9	vermaelen	vermaelen	PROPN
fbem-30511	211	10	.	.	PUNCT
fbem-30511	212	1	1998	1998	NUM
fbem-30511	212	2	,	,	PUNCT
fbem-30511	212	3	“	"	PUNCT
fbem-30511	212	4	glamour	glamour	NOUN
fbem-30511	212	5	value	value	NOUN
fbem-30511	212	6	and	and	CCONJ
fbem-30511	212	7	the	the	DET
fbem-30511	212	8	post	post	NOUN
fbem-30511	212	9	acquisition	acquisition	NOUN
fbem-30511	212	10	performance	performance	NOUN
fbem-30511	212	11	of	of	ADP
fbem-30511	212	12	acquiring	acquire	VERB
fbem-30511	212	13	firms	firm	NOUN
fbem-30511	212	14	”	"	PUNCT
fbem-30511	212	15	.	.	PUNCT
fbem-30511	213	1	journal	journal	PROPN
fbem-30511	213	2	of	of	ADP
fbem-30511	213	3	financial	financial	ADJ
fbem-30511	213	4	eco	eco	PROPN
fbem-30511	213	5	-	-	PUNCT
fbem-30511	213	6	nomics	nomic	NOUN
fbem-30511	213	7	,	,	PUNCT
fbem-30511	213	8	49	49	NUM
fbem-30511	213	9	,	,	PUNCT
fbem-30511	213	10	223	223	NUM
fbem-30511	213	11	-	-	SYM
fbem-30511	213	12	253	253	NUM
fbem-30511	213	13	.	.	PUNCT
fbem-30511	214	1	[	[	X
fbem-30511	214	2	12	12	NUM
fbem-30511	214	3	]	]	PUNCT
fbem-30511	214	4	song	song	NOUN
fbem-30511	214	5	x.	x.	PROPN
fbem-30511	214	6	,	,	PUNCT
fbem-30511	214	7	zhou	zhou	PROPN
fbem-30511	214	8	c.	c.	PROPN
fbem-30511	214	9	2007	2007	NUM
fbem-30511	214	10	,	,	PUNCT
fbem-30511	214	11	“	"	PUNCT
fbem-30511	214	12	ownership	ownership	NOUN
fbem-30511	214	13	structure	structure	NOUN
fbem-30511	214	14	large	large	ADJ
fbem-30511	214	15	shareholder	shareholder	NOUN
fbem-30511	214	16	alteration	alteration	NOUN
fbem-30511	214	17	and	and	CCONJ
fbem-30511	214	18	competitive	competitive	ADJ
fbem-30511	214	19	advantage	advantage	NOUN
fbem-30511	214	20	of	of	ADP
fbem-30511	214	21	chinese	chinese	ADJ
fbem-30511	214	22	acquiring	acquire	VERB
fbem-30511	214	23	corporation	corporation	NOUN
fbem-30511	214	24	”	"	PUNCT
fbem-30511	214	25	.	.	PUNCT
fbem-30511	215	1	finance	finance	NOUN
fbem-30511	215	2	&	&	CCONJ
fbem-30511	215	3	economics	economic	NOUN
fbem-30511	215	4	,	,	PUNCT
fbem-30511	215	5	5	5	NUM
fbem-30511	215	6	,	,	PUNCT
fbem-30511	215	7	32	32	NUM
fbem-30511	215	8	-	-	SYM
fbem-30511	215	9	39	39	NUM
fbem-30511	215	10	[	[	X
fbem-30511	215	11	13	13	NUM
fbem-30511	215	12	]	]	SYM
fbem-30511	215	13	tang	tang	X
fbem-30511	215	14	z.	z.	PROPN
fbem-30511	215	15	,	,	PUNCT
fbem-30511	215	16	jiang	jiang	PROPN
fbem-30511	215	17	w.	w.	PROPN
fbem-30511	215	18	2002	2002	NUM
fbem-30511	215	19	,	,	PUNCT
fbem-30511	215	20	“	"	PUNCT
fbem-30511	215	21	empirical	empirical	ADJ
fbem-30511	215	22	analysis	analysis	NOUN
fbem-30511	215	23	of	of	ADP
fbem-30511	215	24	the	the	DET
fbem-30511	215	25	degree	degree	NOUN
fbem-30511	215	26	of	of	ADP
fbem-30511	215	27	expropriation	expropriation	NOUN
fbem-30511	215	28	by	by	ADP
fbem-30511	215	29	major	major	ADJ
fbem-30511	215	30	shareholders	shareholder	NOUN
fbem-30511	215	31	in	in	ADP
fbem-30511	215	32	chinese	chinese	ADJ
fbem-30511	215	33	listed	list	VERB
fbem-30511	215	34	companies	company	NOUN
fbem-30511	215	35	”	"	PUNCT
fbem-30511	215	36	.	.	PUNCT
fbem-30511	216	1	economic	economic	ADJ
fbem-30511	216	2	research	research	NOUN
fbem-30511	216	3	journal	journal	NOUN
fbem-30511	216	4	,	,	PUNCT
fbem-30511	216	5	4,44	4,44	NOUN
fbem-30511	216	6	-	-	PUNCT
fbem-30511	216	7	50	50	NUM
fbem-30511	216	8	.	.	PUNCT
fbem-30511	217	1	[	[	X
fbem-30511	217	2	14	14	NUM
fbem-30511	217	3	]	]	X
fbem-30511	217	4	wang	wang	PROPN
fbem-30511	217	5	h.	h.	PROPN
fbem-30511	217	6	,	,	PUNCT
fbem-30511	217	7	gao	gao	PROPN
fbem-30511	217	8	y.	y.	PROPN
fbem-30511	217	9	2023	2023	NUM
fbem-30511	217	10	,	,	PUNCT
fbem-30511	217	11	“	"	PUNCT
fbem-30511	217	12	government	government	NOUN
fbem-30511	217	13	subsidies	subsidy	NOUN
fbem-30511	217	14	,	,	PUNCT
fbem-30511	217	15	green	green	ADJ
fbem-30511	217	16	technology	technology	NOUN
fbem-30511	217	17	innovation	innovation	NOUN
fbem-30511	217	18	and	and	CCONJ
fbem-30511	217	19	corporate	corporate	ADJ
fbem-30511	217	20	growth	growth	NOUN
fbem-30511	217	21	”	"	PUNCT
fbem-30511	217	22	.	.	PUNCT
fbem-30511	218	1	commercial	commercial	ADJ
fbem-30511	218	2	science	science	PROPN
fbem-30511	218	3	research	research	NOUN
fbem-30511	218	4	,	,	PUNCT
fbem-30511	218	5	6,31	6,31	NUM
fbem-30511	218	6	-	-	SYM
fbem-30511	218	7	39	39	NUM
fbem-30511	218	8	.	.	PUNCT
fbem-30511	219	1	[	[	X
fbem-30511	219	2	15	15	NUM
fbem-30511	219	3	]	]	X
fbem-30511	219	4	wang	wang	PROPN
fbem-30511	219	5	x.	x.	PROPN
fbem-30511	219	6	,	,	PUNCT
fbem-30511	219	7	liu	liu	PROPN
fbem-30511	219	8	x.	x.	PROPN
fbem-30511	219	9	2023	2023	NUM
fbem-30511	219	10	,	,	PUNCT
fbem-30511	219	11	“	"	PUNCT
fbem-30511	219	12	institutional	institutional	ADJ
fbem-30511	219	13	investor	investor	NOUN
fbem-30511	219	14	ownership	ownership	NOUN
fbem-30511	219	15	:	:	PUNCT
fbem-30511	219	16	m&a	m&a	VERB
fbem-30511	219	17	premium	premium	NOUN
fbem-30511	219	18	pushers	pusher	NOUN
fbem-30511	219	19	or	or	CCONJ
fbem-30511	219	20	roadblocks	roadblock	NOUN
fbem-30511	219	21	?	?	PUNCT
fbem-30511	219	22	”	"	PUNCT
fbem-30511	219	23	.	.	PUNCT
fbem-30511	220	1	journal	journal	PROPN
fbem-30511	220	2	of	of	ADP
fbem-30511	220	3	financial	financial	ADJ
fbem-30511	220	4	development	development	NOUN
fbem-30511	220	5	research	research	NOUN
fbem-30511	220	6	,	,	PUNCT
fbem-30511	220	7	8	8	NUM
fbem-30511	220	8	,	,	PUNCT
fbem-30511	220	9	61	61	NUM
fbem-30511	220	10	-	-	SYM
fbem-30511	220	11	70	70	NUM
fbem-30511	220	12	.	.	PUNCT
fbem-30511	221	1	[	[	X
fbem-30511	221	2	16	16	NUM
fbem-30511	221	3	]	]	X
fbem-30511	221	4	wang	wang	PROPN
fbem-30511	221	5	y.	y.	PROPN
fbem-30511	221	6	,	,	PUNCT
fbem-30511	221	7	xu	xu	PROPN
fbem-30511	222	1	y.	y.	PROPN
fbem-30511	222	2	2022	2022	NUM
fbem-30511	222	3	,	,	PUNCT
fbem-30511	222	4	“	"	PUNCT
fbem-30511	222	5	can	can	AUX
fbem-30511	222	6	high	high	VERB
fbem-30511	222	7	premium	premium	NOUN
fbem-30511	222	8	mergers	merger	NOUN
fbem-30511	222	9	and	and	CCONJ
fbem-30511	222	10	acquisitions	acquisition	NOUN
fbem-30511	222	11	bring	bring	VERB
fbem-30511	222	12	high	high	ADJ
fbem-30511	222	13	market	market	NOUN
fbem-30511	222	14	returns	return	NOUN
fbem-30511	222	15	?	?	PUNCT
fbem-30511	222	16	”	"	PUNCT
fbem-30511	222	17	securities	security	NOUN
fbem-30511	222	18	market	market	NOUN
fbem-30511	222	19	herald	herald	PROPN
fbem-30511	222	20	.	.	PUNCT
fbem-30511	223	1	1,53	1,53	NUM
fbem-30511	223	2	-	-	SYM
fbem-30511	223	3	54	54	NUM
fbem-30511	223	4	.	.	PUNCT
fbem-30511	224	1	[	[	X
fbem-30511	224	2	17	17	NUM
fbem-30511	224	3	]	]	X
fbem-30511	224	4	xue	xue	PROPN
fbem-30511	224	5	x.	x.	PROPN
fbem-30511	224	6	2019	2019	NUM
fbem-30511	224	7	,	,	PUNCT
fbem-30511	224	8	“	"	PUNCT
fbem-30511	224	9	research	research	NOUN
fbem-30511	224	10	on	on	ADP
fbem-30511	224	11	the	the	DET
fbem-30511	224	12	relationship	relationship	NOUN
fbem-30511	224	13	between	between	ADP
fbem-30511	224	14	accounting	accounting	NOUN
fbem-30511	224	15	profits	profit	NOUN
fbem-30511	224	16	and	and	CCONJ
fbem-30511	224	17	growth	growth	NOUN
fbem-30511	224	18	of	of	ADP
fbem-30511	224	19	chinese	chinese	ADJ
fbem-30511	224	20	listed	list	VERB
fbem-30511	224	21	companies	company	NOUN
fbem-30511	224	22	”	"	PUNCT
fbem-30511	224	23	.	.	PUNCT
fbem-30511	225	1	journal	journal	PROPN
fbem-30511	225	2	of	of	ADP
fbem-30511	225	3	qiqihar	qiqihar	PROPN
fbem-30511	225	4	university	university	PROPN
fbem-30511	225	5	(	(	PUNCT
fbem-30511	225	6	philosophy	philosophy	NOUN
fbem-30511	225	7	&	&	CCONJ
fbem-30511	225	8	social	social	PROPN
fbem-30511	225	9	science	science	PROPN
fbem-30511	225	10	edition	edition	PROPN
fbem-30511	225	11	)	)	PUNCT
fbem-30511	225	12	,	,	PUNCT
fbem-30511	225	13	1	1	NUM
fbem-30511	225	14	,	,	PUNCT
fbem-30511	225	15	59	59	NUM
fbem-30511	225	16	-	-	SYM
fbem-30511	225	17	62	62	NUM
fbem-30511	225	18	.	.	PUNCT
fbem-30511	225	19	85	85	NUM
fbem-30511	226	1	[	[	SYM
fbem-30511	226	2	18	18	NUM
fbem-30511	226	3	]	]	PUNCT
fbem-30511	226	4	yang	yang	PROPN
fbem-30511	226	5	x.	x.	PROPN
fbem-30511	226	6	2021	2021	NUM
fbem-30511	226	7	,	,	PUNCT
fbem-30511	226	8	“	"	PUNCT
fbem-30511	226	9	asset	asset	NOUN
fbem-30511	226	10	-	-	PUNCT
fbem-30511	226	11	liability	liability	NOUN
fbem-30511	226	12	levels	level	NOUN
fbem-30511	226	13	,	,	PUNCT
fbem-30511	226	14	valuation	valuation	NOUN
fbem-30511	226	15	judgment	judgment	NOUN
fbem-30511	226	16	,	,	PUNCT
fbem-30511	226	17	and	and	CCONJ
fbem-30511	226	18	acquisition	acquisition	NOUN
fbem-30511	226	19	premium	premium	NOUN
fbem-30511	226	20	”	"	PUNCT
fbem-30511	226	21	.	.	PUNCT
fbem-30511	227	1	communication	communication	NOUN
fbem-30511	227	2	of	of	ADP
fbem-30511	227	3	finance	finance	NOUN
fbem-30511	227	4	and	and	CCONJ
fbem-30511	227	5	accounting	accounting	NOUN
fbem-30511	227	6	,	,	PUNCT
fbem-30511	227	7	5	5	NUM
fbem-30511	227	8	,	,	PUNCT
fbem-30511	227	9	89	89	NUM
fbem-30511	227	10	-	-	SYM
fbem-30511	227	11	91	91	NUM
fbem-30511	227	12	.	.	PUNCT